SNEK has increased 23,000% in market capitalization since it was listed on SundaeSwap a few weeks ago. The altcoin has reached an all-time high. Thus, it became the first Cardano meme coin to make a significant impact.
The Cardano meme coin is getting a lot of attention from the crypto community!
“What the hell is this SNEK that people keep tweeting about?” Charles Hoskinson, CEO of InputOutput (IO), said on May 11. he tweeted. Some interpreted this as Hoskinson-IO’s endorsement of SNEK. However, in a more recent tweet, he clarified that IO and Snek are not cooperating and do not own the token.
The comment was in response to community member Fcking_Lemmings’ post about next week’s “big announcements” and IO meetings. In Hoskinson’s previous tweet, it was stated that there will be no Snek announcement next week. Updated the Fcking_Lemming share after the fix. In line with this, he stated that Snek will make an announcement next week. Announcing on the official Snek Twitter account on May 29, it was stated that it has non-boring plans regarding “never seen before” innovative proposals.
SNEK exceeds 150 million ADA cap: What does it mean?
According to TapTools, this new meme coin has shown dramatic improvement. Accordingly, it has become the second largest asset in terms of capitalization in the Cardano ecosystem. With a capital of 150 million ADA, which corresponds to approximately $ 56 million, SNEK quickly defeated several well-established tokens of the ecosystem. The margin is still relatively small. However, its most recent conquest was the World Mobile Token (WMT).
What sets SNEK’s story apart is the extraordinary rise it has achieved in less than a month. The coin, which emerged on the last day of April, quickly rose to the position of the second largest token among Cardano ecosystem tokens excluding ADA. With this success, the meme-coin even surpassed the currently top ranked AGIX. SingularityNET token AGIX has a capitalization of 979.6 million ADA, or $371 million. However, AGIX entered the Cardano ecosystem more than a year ago. It also took significant strides in only the first two months of 2023.
Both SNEK and AGIX share a common factor supporting price increases. This is the market-wide narrative. While AGIX owes its success to its relationship with artificial intelligence, SNEK succeeds on the strength of its memetic appeal. This shows that Cardano projects are often overlooked, but have significant potential, especially when aligned with inclusive ideas emerging in the cryptocurrency market. This latest development serves as a reminder for investors and enthusiasts to pay more attention to Cardano projects. The rapid rise of SNEK and AGIX underlines the untapped potential in the Cardano ecosystem. It also makes it an ecosystem worth watching closely.
So what is this SNEK?
Snek pre-sale ended on April 28. Additionally, 50% of the total 76,715,880,000 SNEK token supply was distributed to early backers. Shortly after, the token went public through the SundaeSwap listing. It had a market capitalization of $275,000 at the time. Since then, SNEK has reached its ATH level of $0.00083068 on the morning of May 29. As you follow on Kriptokoin.com, the altcoin has made significant gains. This equates to a peak market cap of $63,726,347, or an increase of about 23,000% since the SundaeSwap listing.
The website Snek states that the project aims to build a sustainable and inclusive community on the Cardano Blockchain and provide a “rewarding experience” for token holders. Its developers are also marketing the token as a DeFi token that allows users to “develop and have fun together.” By the way, the website does not show a roadmap. Also, the company’s vision statement does not include precise, measurable goals.
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