Meme Coins Boost Trading on Cardano-Based DEX Minswap

Surge in Minswap Activity

Minswap, a decentralized exchange (DEX) on the Cardano network, has witnessed a notable increase in activity recently. This surge is largely attributed to the trading of meme coins, which have significantly boosted the platform's trading volumes.

Dominance of SNEK

The meme coin SNEK has emerged as a major player on Minswap, claiming a substantial 73.01% of the total trading volume over the past 24 hours. With a trading volume of $6,661,286 out of a total of $9,122,365.14, SNEK has become a focal point of activity on the DEX. This coin has seen a price increase of 42.3% in the last 24 hours and a remarkable 169% gain over the past week.

Impact of BANK

Another meme coin, BANK, has also contributed to the DEX's rising prominence. BANK experienced a 36% surge from its low price in the last 24 hours before a slight drop of 15%. Such fluctuations highlight the volatile yet potentially lucrative nature of trading meme coins.

Performance of Minswap's Native Token

Minswap's native token, MIN, has also benefited from the increased trading activity. Over the past seven days, MIN has gained 8.23%, with a 3.58% increase in the last 24 hours, reaching a trading volume of $418,757.

The Appeal of Meme Coins

Despite facing criticism for their perceived lack of utility, meme coins have become integral to many trading platforms. Their speculative nature attracts traders looking for quick profits. While some criticize their sustainability, others value their role in fostering community engagement within the crypto space. This dynamic continues to drive interest and activity in the market.