- Minswap, a decentralized exchange (DEX), has experienced a surge in the past few days.
- On-chain data shows that meme coin activity is potentially responsible for Minswap’s rally.
- SNEK claims a 73.01% share of the total volume traded on Minswap in the past 24 hours.
Minswap, a decentralized exchange (DEX) on the Cardano network, has experienced a surge in the past few days. On-chain data shows that meme coin activity is potentially responsible for Minswap’s rally and the increased trading activity on the DEX.
Analysis of data from CoinGecko, a crypto aggregation platform, shows Minswap accumulated a volume of $9,122,365.14 in the last 24 hours. Out of that volume, SNEK, a meme coin traded on the Minswap DEX, was responsible for $6,661,286, reflecting a 73.01% share of the total volume traded on the DEX in the past 24 hours.
SNEK is one of 25 meme coins presently listed on the Minswap DEX. CoinGecko shows that with a current price of $0.001157, SNEK has gained 42.3% in the last 24 hours. Additionally, its profit from the past seven days amounted to 169%.
BANK, another meme coin on Minswap DEX, also displayed notable price movements recently that contributed to the DEX’s rally. Over the last 24 hours, BANK surged 36% from its low price before dropping 15%.
Meanwhile, Minswap’s native token, MIN, has gained 8.23% in the past seven days, trading at $0.035 at the time of writing. The MIN token gained 3.58% in the past 24 hours, with a trading volume of $418,757.
Despite meme coins’ criticism due to the perceived lack of utility and inherent value, they have formed the backbone of several trading platforms. Many crypto traders adopt meme coins for their highly speculative nature. Like other tokens, meme coins could also provide profitable trading opportunities over short periods.
Some crypto users criticize meme coins for their lack of long-term sustainability. However, others believe their contribution to community engagement is crucial for the crypto community.
