Share this article
BTC
$83,598.36
-
0.99%ETH
$1,571.06
-
4.03%USDT
$0.9996
+
0.02%XRP
$2.1395
-
0.82%BNB
$584.20
-
1.83%SOL
$127.07
-
1.19%USDC
$1.0000
+
0.01%DOGE
$0.1614
-
2.48%TRX
$0.2469
-
1.10%ADA
$0.6388
-
2.37%LEO
$9.3874
-
0.29%LINK
$12.63
-
3.31%AVAX
$19.56
+
0.64%XLM
$0.2426
-
0.91%SUI
$2.2785
+
0.81%HBAR
$0.1684
-
3.44%SHIB
$0.0₄1206
-
3.37%TON
$2.8377
-
4.86%BCH
$339.58
+
6.27%OM
$6.1740
-
2.62%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
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.
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.
STORY CONTINUES BELOW
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.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
