Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins
- Technology
- June 3, 2023
- No Comment
- 56
The transaction volumes on Minswap, a decentralized exchange (DEX), based on Cardano, have spiked in the last few days. This is likely because traders scoured this network to find profit opportunities for meme coins.
Data from Minswap reveals that volumes jumped from $1 million to $18 millions on Tuesday. Minswap holds 37% of the over $175,000,000 worth of tokens on Cardano .
This could boost the price of Minswap’s min (MIN), which are tokens that accrue value through platform usage, and can be used to govern a project.
The cardano-based meme coin snek and bank were responsible for a significant portion of the volume increase. Data shows that the prices of these two tokens have risen by as much as 34 percent in the last 24 hours. A total of $40 million has been traded on Minswap.
Snek’s surge has pushed it to an 80 million dollar market capitalization on Tuesday morning. This makes it the eighth largest meme coin according to that metric.
