Key Points:
This surge in activity is a clear indication of the growing interest in the Cardano network.
According to data from Minswap, volumes increased from just over $1 million at the start of May to a staggering $18 million on Tuesday. This is an increase of over 1700%. Minswap is currently the largest application on the Cardano network, holding 37% of over $175 million worth of tokens locked on the network.
The increased trading activity could potentially have a positive effect on the value of Minswap’s min (MIN) tokens. These tokens accrue value from platform usage and are used as governance tokens.
Interestingly, a significant portion of the increased volumes came from Cardano-based meme coins, snek (SNEK) and bank (BANK). In the past 24 hours, data shows that prices of these two tokens surged by as much as 34%, with a cumulative $40 million traded on Minswap alone.
This surge in activity has pushed snek’s market capitalization to $80 million as of Tuesday morning, making it the eighth-largest meme coin by that metric. It will be interesting to see how these trends continue to develop and if other Cardano-based meme coins will see similar surges in trading volume.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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