Minswap, a decentralized exchange (DEX), has seen a significant surge in recent days, possibly influenced by traders looking for profit opportunities within the meme coin market. In particular, trading volume on this popular Cardano-based DEX has increased significantly, from $1 million in early May to over $18 million as of Tuesday.
According to DefiLlama’s TVL ranking, Minswap currently has a total locked value (TVL) of $175.74 million, reflecting its dominant position with over 37% of the market share.
The volume increase of Minswap can be attributed to the increase in meme coin trading
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 increases in the prices of these tokens. Notably, Minswap has enabled a total trading volume of $40 million alone specifically for these meme coins.
Over the past 24 hours, SNEK has experienced significant price movement ranging from a low of $0.00074874 to a high of $0.00111428 at the time of this statement. This represents an increase of more than 34% over this period.
In addition, SNEK has seen an impressive spike of over 158% in the past seven days. As a result, SNEK’s price has now surpassed its $85 million market cap.
BANK also showed remarkable price movements, following the all-time low yesterday. The token experienced a significant 36% gain from its low, though it subsequently dropped 15% in the past 24 hours.
Meme coins are often criticized for 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 claim that meme coins contribute to community engagement within the cryptocurrency space.
Cardano cube reports that there are currently 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 remarkable impact in terms of social media presence and price movements.
