Cardano Memecoin SNEK Explodes 170% Weekly: What You Need to Know

TL;DR

1. Surge in Snek (SNEK) Value: The Cardano memecoin, SNEK, has seen a significant rise in its price, increasing by 25% in 24 hours, 170% weekly, and 230% over the last month.
2. Cardano’s (ADA) Positive Trend: Cardano itself is experiencing an uptrend, with a 13% increase today, reaching almost $0.50 for the first time since August 2022.
3. Widespread Memecoin Enthusiasm: The memecoin market, including tokens like Dogecoin, Shiba Inu, and Bonk Inu, is undergoing a period of notable growth, possibly contributing to the rising interest and value in assets like SNEK.

This Cardano Memecoin Heads North

The revival of the cryptocurrency market seems nowhere near its end, with multiple tokens charting substantial gains almost daily. One such digital asset whose price exploded today (December 8) is Cardano’s memecoin Snek (SNEK).

It has soared by 25% in the past 24 hours and a whopping 170% on a weekly basis. Moreover, SNEK’s valuation has increased by 230% in the last 30 days.

The memecoin’s rally goes hand in hand with Cardano’s latest uptrend. ADA has been on the offensive today, spiking by 13% and touching the $0.50 mark for the first time since August 2022.

An Overall Memecoin Frenzy

One factor behind SNEK’s impressive rise could be the hype surrounding the memecoin realm in the past several weeks. Leading digital assets of that type, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and Floki Inu (FLOKI), have been well in the green.

One less-known token, though, took the main stage, and its name is Bonk Inu (BONK). As CryptoPotato reported, its price exploded to an all-time high a few hours ago. In addition, its market capitalization surpassed $750 million, positioning BONK as the 80th largest digital asset in the entire sector.

Those curious to learn more about the different memecoins, their purposes, and specifics could take a look at our dedicated video below: