• 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

Solana's Quantum Readiness Strategy Under Scrutiny

chest

Solana's quantum readiness strategy is under scrutiny following Anatoly Yakovenko's comments on the need for a multi-scheme approach to enhance security against AI threats.

user avatarLeo van der Veen

South Korean Exchanges Win Temporary Relief from Regulatory Sanctions

chest

Three major South Korean crypto exchanges, Upbit, Bithumb, and Coinone, have secured temporary court relief from sanctions related to existing anti-money laundering requirements.

user avatarLi Weicheng

Anatoly Yakovenko Raises Concerns Over AI's Impact on Post-Quantum Cryptography

chest

Solana cofounder Anatoly Yakovenko warns that AI could expose vulnerabilities in post-quantum signature schemes, emphasizing the need for a robust security design.

user avatarMaya Lundqvist

DAXA Challenges New Anti-Money Laundering Regulations in South Korea

chest

DAXA opposes proposed changes to South Korea's anti-money laundering regulations, citing concerns over excessive reporting requirements.

user avatarAisha Farooq

MoneyGram's Stablecoin Service Expands to Colombia and El Salvador

chest

MoneyGram has launched its stablecoin service in Colombia and expanded to El Salvador, providing financial solutions for underserved markets in Latin America.

user avatarTenzin Dorje

Stellar Network Surpasses 1 Billion in Real-World Assets

chest

The Stellar network has crossed the 1 billion mark in real-world assets, indicating significant growth and momentum.

user avatarBayarjavkhlan Ganbaatar

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.