Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows.

AccessTimeIconMay 30, 2023 at 6:33 a.m. UTC
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Transaction volumes on Cardano-based decentralized exchange (DEX) Minswap spiked over the past few days as traders likely scoured the network for profit opportunities on meme coins.

Volumes surged from just over $1 million at the start of May to $18 million on Tuesday, data from Minswap shows. Minswap is the largest application on Cardano by locked value, holding 37% of over $175 million worth of tokens held on the network.

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Such activity could bolster prices of Minswap’s min (MIN) tokens, which accrue value from platform usage and are used as a governance token.

A significant part of the increased volumes came from Cardano-based meme coins snek (SNEK) and bank (BANK). Prices of the two tokens surged as much as 34% in the past 24 hours, data shows, with a cumulative $40 million traded on Minswap alone.

The surge pushed snek to a market capitalization of $80 million on Tuesday morning, making it the eighth-largest meme coin by that metric.

Edited by Parikshit Mishra.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


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