• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Cardano DEX Minswap Witnesses Surge in Trading Activity Fueled by SNEK and BANK Meme Coins

Cardano DEX Minswap Witnesses Surge in Trading Activity Fueled by SNEK and BANK Meme Coins

user avatar

by Max Nevskyi

3 years ago


Over the past few days, there has been a significant increase in transaction volumes on Minswap, a decentralized exchange (DEX) built on the Cardano blockchain. This surge in activity can be attributed to traders who are actively exploring the network in search of profitable opportunities associated with meme coins.

According to data provided by Minswap, the trading volumes on their platform witnessed a significant increase during the month of May. Starting from a modest figure of slightly above $1 million at the beginning of the month, the volumes skyrocketed to reach an impressive $18 million on Tuesday. Minswap, which holds the position of being the largest application on the Cardano blockchain in terms of locked value, currently accounts for 37% of the total token value of over $175 million locked on the network.

Volumes and TVL bumped on Minswap

This action has the potential to strengthen the prices of Minswap's min (MIN) tokens, which derive value from the utilization of the platform and serve as a token for governance purposes.

A notable portion of the heightened trading volumes originated from meme coins snek (SNEK) and bank (BANK) based on the Cardano blockchain. According to available data, the prices of these two tokens have experienced a substantial surge, reaching up to 34% within the past 24 hours. The trading activity on Minswap alone has accounted for a combined trading volume of approximately $40 million.

On Tuesday morning, snek experienced a surge that propelled its market capitalization to $80 million, solidifying its position as the eighth-largest meme coin in terms of this measure.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ethereum Dominates DeFi and Lending Markets

chest

Ethereum maintains a strong position in DeFi and lending, with significant liquidity and market share.

user avatarZainab Kamara

Crypto Analyst Sets Bullish Price Targets for Dogecoin

chest

Crypto analyst Celal Kucuker sets multiple bullish price targets for Dogecoin, predicting a strong rally towards the $1 milestone influenced by Elon Musk.

user avatarJacob Williams

Iran's Crypto Transactions Estimated at $114 Billion in 2024

chest

Estimates suggest Iran's total crypto transaction volume reached approximately $114 billion in 2024, indicating extensive use of digital assets.

user avatarSon Min-ho

Arkham Unveils Crypto Wallet Map Linked to Iran's Central Bank

chest

Blockchain analytics firm Arkham has created a public map of crypto wallets associated with Iran's central bank, revealing Tehran's digital holdings.

user avatarAyman Ben Youssef

XRP Investment Products Experience Record Inflows

chest

XRP investment products saw a significant increase in inflows last week, reaching 396 million, a 1,220% rise from the previous week.

user avatarTando Nkube

Consensys Delays IPO Plans Amid Market Weakness

chest

Consensys has delayed its planned US IPO, indicating that the market for crypto company listings remains weak.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.