The First Cardano Meme Coin Making a Splash with 23,000% Market Cap Growth: Snek

The First Cardano Meme Coin Making a Splash with 23,000% Market Cap Growth: Snek

The cryptocurrency community has been buzzing about Snek, a meme coin based on the Cardano blockchain. Since its listing on SundaeSwap a few weeks ago, Snek has witnessed a remarkable growth of 23,000% in market capitalization.

The curiosity surrounding Snek caught the attention of Charles Hoskinson, the CEO of InputOutput (IO), who took to Twitter on May 11 to inquire about the popular hashtag #Snek. While some speculated it as an endorsement from Hoskinson and IO, he later clarified in a tweet that there is no collaboration between IO and Snek, and he does not own the token.

This response was prompted by a community member named Fcking_Lemmings, who hinted at significant announcements and IO meetings in the coming week. Hoskinson’s previous tweet had already stated that there would be no Snek announcement during that period. In response to the correction, Fcking_Lemming updated their post to announce that Snek would indeed be making an announcement the following week.

On May 29, the official Snek Twitter account hinted at exciting plans in the pipeline, teasing that these proposals would be innovative and unlike anything seen before.

What exactly is SNEK?

The presale for Snek concluded on April 28, distributing 50% of the total supply of 76,715,880,000 SNEK tokens to early supporters. Shortly after, the token became available to the public through a SundaeSwap listing, with an initial market cap of $275,000.

Since then, SNEK has experienced substantial gains, reaching an all-time high of $0.00083068 on the morning of May 29 (BST). This translated to a peak market cap of $63,726,347, representing an astonishing approximately 23,000% increase since its SundaeSwap listing.

According to the Snek project’s website, its goal is to create a sustainable and inclusive community on the Cardano blockchain, providing a rewarding experience for token holders. Marketed as a decentralized finance (DeFi) token, Snek aims to enable users to thrive and have fun together.

Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature, raising doubts about their long-term viability. However, proponents argue that meme coins enhance community engagement and act as a gateway for newcomers to enter the cryptocurrency ecosystem.

Cardano Cube reports the existence of 25 Cardano-based meme coins, including Hosky Token, DGAF, and A SHIB. However, Snek stands out as the first to make a notable impact in terms of social media presence and price action.

As of May 24, Cardano’s decentralized finance sector’s Total Value Locked (TVL) increased by 256% year-to-date, rising from 230%.