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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

MEXC Launches Initiatives to Enhance Access to Financial Markets

MEXC has launched several initiatives, including the Trade Wall Street, Without Walls campaign, to enhance access to traditional financial markets.

user avatarRajesh Kumar

MEXC Introduces Stock Trading Handbook for Crypto Traders

MEXC has launched the Stock Trading Handbook to assist crypto traders in transitioning to the stock market as part of its Opportunity Compass initiative.

user avatarLucas Weissmann

KalshiEX Seeks Approval for Perpetual Security Futures

KalshiEX has filed a proposal with the SEC to introduce perpetual security futures linked to 58 stocks and ETFs.

user avatarFilippo Romano

US Dollar Strengthens Its Dominance in Forex Market

The US dollar's share in the forex market has increased to 89%, defying challenges from rival currencies.

user avatarEmily Carter

Cipher Mining Expands into High-Performance Computing and AI Infrastructure

Cipher Mining is leveraging its mining business assets to enter the high-performance computing and AI infrastructure market.

user avatarTomas Novak

REX Shares Launches TREX 2X Long Strive Daily Target ETF

REX Shares has launched the TREX 2X Long Strive Daily Target ETF, aiming to deliver 200% of the daily performance of Strive Asset Management shares influenced by its Bitcoin treasury.

user avatarKaterina Papadopoulou

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.