Meme Coins SNEK and BANK Drive Trading Frenzy on Cardano’s Minswap Decentralized Exchange
Minswap, a decentralized exchange (DEX), has experienced a significant surge in recent days, potentially influenced by traders seeking profit opportunities within the meme coin market. Notably, the trading volume on this popular Cardano-based DEX has seen a substantial increase, rising from $1 million at the start of May to over $18 million as of Tuesday.
According to TVL rankings from DefiLlama, Minswap currently boasts a total value locked (TVL) of $175.74 million, reflecting its dominant position with over 37% of the market share.
Minswap’s volume surge can be attributed to the meme coin trade surge
The increased transaction volumes on Minswap can be attributed to the growing popularity of meme coins such as Snek (SNEK) and Bank (BANK).
Analysis of data from CoinGecko reveals significant surges in the prices of these tokens. Notably, Minswap alone has facilitated a total trading volume of $40 million specifically for these meme coins.
Within the past 24 hours, SNEK has experienced substantial price movements, ranging from a low of $0.00074874 to a high of $0.00111428 at the time of this statement. This represents a surge of over 34% during this period.
Additionally, over the last seven days, SNEK has seen an impressive spike of over 158%. As a result, the price of SNEK has now surpassed $85 million in market cap.
BANK has also displayed notable price movements, following its all-time low yesterday. The token experienced a significant surge of 36% from its low point, although it subsequently declined by 15% within the past 24 hours.
Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature. Such concerns raise questions about the long-term sustainability of these coins. However, supporters argue that meme coins contribute to community engagement within the cryptocurrency space.
Cardano Cube reports that there are presently 25 meme coins based on the Cardano blockchain. This includes tokens such as Hosky Token, DGAF, A SHIB, and several others. Among these, Snek stands out for its notable impact in terms of social media presence and price movements.
