- 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 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.
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