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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Traders Predict Early Release of OpenAI's GPT-6 Model

chest

Prediction market traders are optimistic about the early release of OpenAI's GPT-6 model, estimating a 59% chance of launch by September 15.

user avatarTando Nkube

Visa Seeks New Crypto Stablecoin Partner for Global Settlements

chest

Visa is seeking a new crypto stablecoin partner to enhance its global settlement capabilities after the acquisition of its previous partner, BVNK, by Mastercard.

user avatarKofi Adjeman

AMD's Gaming Division Struggles Amid AI Market Concerns

chest

AMD's gaming division faces challenges with a 31% revenue dip, raising concerns about its ability to protect stock value amid potential AI market fluctuations.

user avatarSatoshi Nakamura

Michael Burry Warns of Potential AI Bubble Burst

chest

Michael Burry warns of a potential AI bubble burst that could lead to significant losses in tech stocks, particularly for companies like AMD.

user avatarNguyen Van Long

Nike Stock Hits 12-Year Low Amid Rebound Speculation

chest

Nike's stock closed at a 12-year low of $39.09, raising concerns about its future performance and potential for a rebound.

user avatarJesper Sørensen

Payward Joins Project Glasswing to Boost Cybersecurity Efforts

chest

Payward, the parent company of Kraken, has joined Anthropics Project Glasswing to enhance cybersecurity by utilizing Claude Mythos 5 for identifying security vulnerabilities.

user avatarRajesh Kumar

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.