Minswap Cardano exchange volume rises to record high on popularity of meme coins


Daily trading volume on decentralized exchange Minswap jumped to a high of $20.93 million from around $1-2 million in early May.

A significant part of the increase in volumes came from the SNEK and BANK meme-tokens based on Cardano.

According to CoinMarketCap, over the past 24 hours, the price of SNEK has gained 34%, and the asset has risen in price by 155% over the week.

Data: Coin Market Cap.

Minswap is the largest app on Cardano by value locked (TVL) with over $65M, roughly 37% of the $175.7M total.

Trading volumes and TVL Minswap. Data: DeFi Llama.

The decentralized platform accounts for over 99% of SNEK trading volumes, mostly paired with the ADA network cryptocurrency.

In the CoinGecko ranking, the Cardano coin ranks seventh in terms of capitalization with $13.34 billion.

Data: CoinGecko.

Recall that in 2022, the Cardano network bypassed Bitcoin in the rating of emotional attachment of consumers from the MBLM agency. The list of 600 positions also included Uniswap and Solana.

Subscribe to ForkLog on social networks

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply