|

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

  • Cardano price climbed nearly 8% since Friday alongside a spike in transaction volumes of decentralized exchanges. 
  • Cardano-based DEX Minswap’s transaction volume grew from $10 million to $72 million from May 1 to 30.
  • The launch of SNEK and BANK meme coins contributed to the rising Cardano network activity. 

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. 

Also read: Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges

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 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.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Crypto Overview: Bitcoin loses $64,000 – LINK, DOGE sustain gains

Bitcoin is trading below $64,000 amid a broader market risk-off sentiment. Emerging as top performers over the last 24 hours, Chainlink and Dogecoin sustain gains, hinting at an extended recovery. CoinMarketCap’s Fear and Greed Index at 38 reflects persistent risk-averse sentiment in the crypto market.

Top 3 Price Prediction: BTC steadies, ETH holds 50-day EMA, XRP rebounds from $1 support

Bitcoin, Ethereum, and Ripple are showing mixed price action on Wednesday as traders assess key technical support levels. BTC remains under pressure after its recent decline, while ETH is attempting to extend its rebound from the 50-day Exponential Moving Average.

Bitcoin lags S&P 500, Nasdaq despite renewed ETF inflows
Bitcoin (BTC) gained 2.15% last week, trailing the S&P 500's 3.51% return and the Nasdaq's 5.09% gain, despite a broad rally across risk assets. The gains came following a weaker-than-expected July payrolls report, according to market-making firm Wintermute.
Can EIP-8363 save Ethereum's ultrasound money thesis, or is the damage already done?

Over the past two years, Ethereum has faced one of its biggest challenges — its circulating supply has been in an uptrend, a direct stab at its ultrasound money thesis.

Bitcoin: Can bulls weather the market uncertainty?
Bitcoin (BTC) remains resilient, trading above $65,000 on Friday, with bulls defending key support despite cautious market sentiment. US-listed spot Bitcoin Exchange-Traded Funds (ETFs) showed strong inflows through Thursday, pointing to renewed institutional demand.