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.
May 30, 2023 at 6:33 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/H6K3AN42UZDMRKIYOP3CTXXN3Q.jpg)
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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.
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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.