Minswap’s Cardano trading volume hits a record high as meme-coin popularity soars

The daily trading volume on decentralised exchange Minswap jumped to a peak of $20.93 million from around $1-2 million at the start of May.

Yesterday was another record-breaking day for both Minswap DEX and Cardano!?

? Minswap had an ATH Daily Volume of 54.98mn $ADA/20.93mn $USD.
? Minswap accounted for 90.14% of the volume among all Cardano DEXs.

Another historical day for #Cardano DeFi? pic.twitter.com/qO4G9ASUIW

— Minswap Labs (@MinswapDEX) May 29, 2023

A significant portion of the volume growth came from meme tokens SNEK and BANK built on Cardano.

According to CoinMarketCap, in the last 24 hours the price of SNEK rose by 34%, and over the week the asset appreciated by 155%.

Minswap is the largest Cardano dApp by total value locked (TVL), at over $65 million — about 37% of the total $175.7 million.

More than 99% of SNEK trading volume is on the decentralised platform, primarily in the ADA pair.

In CoinGecko’s ranking, the Cardano coin ranks seventh by market capitalization at $13.34 billion.

In 2022 the Cardano network overtook Bitcoin in the consumer emotional attachment ranking by the agency MBLM. Uniswap and Solana were also on the 600-strong list.