Cardano DEX Minswap Sees Volume Jump Driven by SNEK, BANK Meme Coins

[{"selector":"#anim-e7688f5a-ba1c-4f7a-a47b-e5bf33c55797","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The Cardano blockchain-based exchange Minswap has seen a significant rise in transaction volumes recently.

[{"selector":"#anim-5ac0289f-0f7b-4a4e-a82d-2116d163560c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The network was frequently studied by traders looking for opportunities to profit on meme coins.

[{"selector":"#anim-40de159f-78ec-40f2-b69d-126db849759a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Data from Minswap shows that volumes increased dramatically from early May's $1 million level to an astonishing $18 million on Tuesday.

[{"selector":"#anim-abe4f40a-aae3-4393-9c37-95f44c9157e8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] With 37% of the network's total tokens, or more than $175 million in locked value, belonging to Minswap, the largest application on Cardano, it now holds that title.

[{"selector":"#anim-e7a327f8-c72b-4527-97eb-568a83a5bbc5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The values of MIN, the native token of Minswap, which gains value via platform usage and functions as a governance token, could increase as a result of this uptick in activity.

[{"selector":"#anim-ad066a7e-2175-4f57-baef-a1b28e035873","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Notably, meme coins on the Cardano network like snek (SNEK) and bank (BANK) can be blamed for a substantial amount of the higher volumes.

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