Coin Edition -
- Transaction volumes on Minswap DEX experienced a significant surge over the past few days.
- Volumes shot up from $1 million in the beginning of May to $18 million on Tuesday.
- The surge in volume can be attributed to increased trading of SNEK and BANK meme coins.
Minswap, a decentralized exchange (DEX), has witnessed a notable surge in the past few days, possibly driven by traders seeking profit opportunities within the meme coin market. The popular Cardano-based DEX saw its trading volume surge from $1 million at the beginning of May to more than $18 million on Tuesday.
TVL rankings from DefiLlama suggest that Minswap currently has a total value locked of $175.74 million with a dominance of over 37%.
A notable portion of the increased transaction volumes on Minswap can be attributed to the popularity of the meme coins Snek (SNEK) and Bank (BANK).
According to data from CoinGecko, the prices of these tokens have experienced substantial surges. Notably, Minswap alone recorded a total trading volume of $40 million for these meme coins. SNEK went from a low of $0.00074874 to a high of $0.00111428 at press time in the last 24 hours. It surged by over 34% during this period. The coin has also spiked by over 158% in the last seven days. This surge has also pushed the market cap of SNEK up over $85 million.
In a short span of time, SNEK has also emerged as the 8th largest meme coin globally, as shared by the team on Twitter.
$SNEK isss now the 8th largest memecoin in the world pic.twitter.com/2REMuXkaex— Snek (@snekcoinada) May 30, 2023
BANK is no exception, as it has put on a decent show since its all-time low yesterday. BANK has shot up by 36% from its low before falling by 15% in the last 24 hours.
Meme coins frequently encounter criticism due to their perceived lack of utility, inherent value, and highly speculative nature, which raises concerns regarding their long-term sustainability. However, proponents argue that meme coins play a role in fostering community engagement.
The post Cardano DEX Minswap Sees Surge in Trading Volume Fueled by SNEK, BANK appeared first on Coin Edition.