Cardano price rallies with surge in DEX volume and new meme coin launch

Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million. 

The launch of two meme coins SNEK and BANK on the Cardano blockchain contributed to the rise in network activity on the Ethereum-killer chain. 

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Cardano-based DEXes and meme coins fuel ADA price rally

The Cardano blockchain registered a rise in its transaction volume in May. Transaction volume on Minswap, the largest DEX on the Ethereum-killer blockchain, climbed from $10 million at the beginning of May to $72 million on Tuesday. 

Minswap transaction volume 

Minswap is currently the largest DEX on the Cardano blockchain by Total Value Locked (TVL). The exchange holds upwards of $175 million worth of assets. A significant spike in activity on Minswap, therefore, influences the Cardano blockchain. 

Launch of meme coins on Cardano and impact on ADA

SNEK, a meme coin with a 24-hour trade volume of $8 million, was launched on Cardano-based DEXes Sundaeswap and Minswap. Since its launch, SNEK price climbed 268.71%. Market participants engaged in trading SNEK contributed to the rise in transaction volume on Minswap. 

Since their launch, both SNEK and BANK prices have climbed, with a combined market capitalization of $80 million as of Tuesday. 

The flurry of activity from DEX transactions and meme coin launches fueled a rally in Cardano. The Ethereum-killer token climbed from $0.3535 on Friday to $0.38 at press time, an increase of 7.5%. 

The Ethereum alternative is likely to continue rallying higher with the rising popularity of DEXes and meme coin launches on their platforms.