Cardano meme coins Snek and Bank boost Minswap volume

The season of meme coins continues: the recently dropped Cardano coins $SNEK and $BANK are boosting the volume of the largest application on the blockchain – decentralized exchange Minswap.

According to DeFi Llama, Minswap volume has grown from $2 million in early May to $18 million today. Minswap is the largest application on Cardano with a total value of 65.13 million, representing 37% of the total $175 million locked on Cardano.

Minswap TVL and Volume. Source: DeFi Llama

This could lead to a further increase in the price of the Minswap governance token $MIN, which is now trading at $0.03, up 2.92%, showing the same increase in interest in May this year.

The significant increase in Minswap volume is due to the offering of the popular Cardano-based meme coins, $SNEK and $BANK. The prices of both tokens increased by 34% in the last 24 hours, reaching over $40 million in volumes on Minswap alone.

This, in turn, has increased the popularity of the meme coin Snek, which currently has a market cap of over $82 million. The snack is now the 8th most popular meme coin on the market.

The Snek project conducted a pre-sale that ended on April 28, awarding 50% of the total supply of 76,715,880,000 SNEK tokens to its early supporters. Subsequently, the token became publicly available through a listing on SundaeSwap and started with a market cap of $275,000.

After the public launch, SNEK saw significant growth, reaching a new all-time high of $0.00083068 on the morning of May 29. The Snek project website highlights the goal of building a sustainable and inclusive community on the Cardano blockchain that provides a rewarding experience for token holders.

The appearance of Snek and Bank is the first victory of its kind for the Cardano blockchain. Cardano meme coins have never been as popular as these coins are. Binance, the largest crypto exchange, has recently published a detailed guide on how to buy Snek, which has sparked listing speculation in the crypto community.

Others began comparing Snek to Pepe, adding that while Pepe has a large following and a much larger market cap of 1.8 billion, the Coinbase article linking the meme coin to far-right groups has made Pepe hype colder.

Related: Coinbase calls Pepe a hate symbol, community fights back