KAUFBEUREN, GERMANY - AUGUST 28, 2021. Cardano Ada cryptocurrency coin close-up, in front of a price chart.
- Cardano-based SNEK token is making waves with its massive growth potential.
- The token has climbed the ranks and is one of the most valuable tokens on Cardano despite being a memecoin.
The newest hype brewing in the Cardano (ADA) ecosystem is Snek (SNEK), the memecoin that has gained considerable attention in such a short while. Crypto Twitter is raving about SNEK and even Charles Hoskinson, the founder and Chief Executive Officer (CEO) of IOHK is getting more interested in the reptile-themed memecoin.
Similar to the recent trend with memecoins, SNEK has been able to make its holders millionaires in a matter of hours. The Cardano network-based memecoin was founded by $goofycrisp, a Cardano community member together with MasterofC from the Chilled Kongs Team and JSHy, a jpg.store team software engineer.
The first presale of the coin took place between Thursday, April 27th, and Friday, April 28th for 6 hours where about 50% of the total supply of over 76 billion SNEK tokens were distributed.
Markedly, the first recipients of the memecoin were early investors and supporters of the project who purchased the token for as low as 20 ADA. Due to the significant amount of interest that the presale generated, especially on Twitter, with 519 transactions, a raise of 112,000 ADA was realized in the ecosystem. In the days following the presale, SNEK was listed on the Cardano DEX Sundaeswap, with an initial market capitalization of $275,000.
Approximately, 40 percent was dedicated to DEX liquidity, and 5 percent, 3 percent, and 2 percent were allocated to special utility, project treasury, and airdrops, respectively. The development team claimed to not have allocated any of the circulating supply of the token for their compensation, hence, causing community members to agree that the launch was conducted in a fair manner.
SNEK Grows Considerably Amidst Memecoin Trend
Last week, leading cryptocurrency exchange Binance published a comprehensive directory on how to purchase the memecoin.
Consequently, netizens began to suspect that the crypto exchange is mulling the idea of listing SNEK on its platform. The involvement of Binance sparked another level of interest amongst crypto enthusiasts fueling a new round of buyups.
While Binance has not given an official statement concerning a listing, its interest, however, indicates that the leading exchange acknowledges the popularity and increased demands for memecoins generally.
In this short while, SNEK has improved considerably and its market cap has jumped to around 75,617,190 ADA or $27 million as of May 24th. According to a Cardano enthusiast identified as marcosantiagoNY on Twitter, the reptile-themed memecoin is now the 5th largest Cardano coin by market cap. He also mentioned wallets are inching towards 12,000 with the average HODL up by 100% in 4 days.
SNEK’s market cap is “larger than the bottom 5 market caps in the top 25 on Cardano, COMBINED. In one day we traded in volume more than all of Cardano NFT’s COMBINED,” he said.
SNEK became the 5th LARGEST Cardano coin by MC, Trended on Twitter, Wallets are near 12k, avg HODL is up 100% in 4 days, Our MC is larger than the bottom 5 market caps in the top 25 on Cardano, COMBINED. In one day we traded in volume more than all of Cardano NFT’s COMBINED. 🤯
— Marcosantiago (@marcosantiagoNY) May 25, 2023
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Compared to other memecoins on other blockchains, SNEK still has a lower market cap, implying a more massive upside potential for growth.
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