Token Spotlight: Snek
Launched in the spring of 2023 during Cardanos DeFi Summer, Snek is Cardanos leading Memecoin. Snek’s intentions are to bring mass adoption to Cardano.
Launched in the spring of 2023 during Cardanos DeFi Summer, Snek is Cardanos leading Memecoin. Snek’s intentions are to bring mass adoption to Cardano. The token was quickly listed on multiple Centralized Exchanges due to its immense trading volume. This article will cover Sneks distribution, tokenomics, utility, and more.
Snek Tokenomics & Distribution
Snek Distribution Pro page on TapTools
Snek has a total supply of 75.69 Billion tokens. Currently 73.24 Billion of these tokens are in circulation, equivalent to 96.8% of the total supply. At 0.000801 ₳ per Snek, this gives the total a circulating market cap of $22,022,512 and a fully diluted market cap of $22,759,376, placing it at #7 in the Top 50 on TapTools. Snek has a median holder balance of 121.95K Snek equivalent to 96.75 ADA, and an average holder age of 172.90 Days, highlighting a dedicated community that has supported the memecoin project since the start.
SNEK was fairly launched via a token presale that saw no token allocation reserved for the Snek team. 50% of the total supply went to those who purchased in the presale and 40% was earmarked for Initial Liquidity. The rest of the supply was split between utility, airdrops, and a reserve for CEX listings and project development.
Liquidity
Snek Liquidity Pro page on TapTools
Snek currently has 3.87 Million ADA across 7 Decentralized Exchanges on Cardano. The majority of this liquidity is on Minswap which holds 82.93% of the total liquidity, followed by SundaeSwap which holds 11.76%. The third most liquid DEX for Snek liquidity is VyFinance which holds 2.75% of the tokens total liquidity on Cardano. Snek has the seventh largest liquidity out of tokens in the top 50 and has the largest liquidity of all Memecoins on Cardano.
Volume
Snek Volume Profiler page on TapTools
Snek has a lifetime trading volume of 854.62 Million ADA, equivalent to 1.08 Trillion Snek traded. Snek is the most traded Cardano Native token by far and has attracted holders from other ecosystems into Cardano. The token has 428.08 Million ADA in total buy volume and 426.54 Million ADA in total sell volume. The Majority of these trades have taken place on Minswap and SundaeSwap.
Utility
We’ll now discuss the various utilities that Snek has to offer its holders.
Staking
SNEK holders had the ability to lock their Snek for 4,7, or 10 month staking periods to earn rewards in SNEK. The deadline for the staking feature was October 7th, 2023
Future Utility
The Snek team has various plans for future utility. One future use case for Snek is it will be required to play the upcoming Snek game that was developed in collaboration with Paima Studios.
Conclusion
Snek has emerged as a prominent Memecoin within the Cardano ecosystem, gaining substantial traction since its launch in the spring of 2023. With a fair distribution model and an engaged community, Snek has quickly become the most traded Cardano Native token, fostering mass adoption and drawing attention from diverse ecosystems. The token’s liquidity dominance on decentralized exchanges, coupled with its innovative utility features like staking and upcoming collaborations, positions Snek as a dynamic player with promising potential in the memecoin category on Cardano.
You can visit the snek website here: https://www.snek.com/
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