Trading Volume on Exchange Minswap Rises to Record High Due to Meme Coins

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Daily trading volume on the Cardano-based decentralized exchange Minswap spiked to $20.93 million in late May, up from around $1-2 million previously.

The surge was primarily fueled by the sale of SNEK and BANK meme-tokens on the exchange.

CoinMarketCap data showed SNEK had risen 34% in 24 hours and 155% over the week.

Leading the total value locked (TVL) on Cardano, Minswap boasted over $65 million or roughly 37% of the entire $175.7 million.

SNEK trades on Minswap were almost entirely with network cryptocurrency ADA.

Notably, according to CoinGecko, ADA was seventh in terms of market capitalization with $13.34 billion. In 2022, Cardano was declared the most emotionally-appealing asset in the MBLM agency’s ratings of 600 coins, beating Bitcoin and ceding its place only to Uniswap and Solana.