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

May 30, 2023

Minswap, built on the Cardano blockchain, experienced a substantial increase in transaction volumes over the past few days.

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Traders actively explored the network, seeking profit opportunities specifically in meme coins.

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According to data from Minswap, volumes surged from around $1 million in early May to an impressive $18 million on Tuesday.

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Minswap stands as the largest application on Cardano, with locked value accounting for 37% of the network's total tokens worth over $175 million.

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This surge in activity has the potential to drive up the prices of Minswap's native token, MIN, which gains value through platform usage and serves as a governance token.

Notably, a significant portion of the increased volumes can be attributed to meme coins on the Cardano network, such as snek (SNEK) and bank (BANK).

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The data reveals that the prices of these tokens experienced a remarkable surge of up to 34% in the past 24 hours alone.

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