SNEK, the First Cardano Memecoin, Surges 23,000% in Market Capitalization

By 0xGorki 05/30/23 3:53 AM

SNEK, the first memecoin of Cardano, has made a remarkable debut by surging 23,000% in market capitalization after being listed on SundaeSwap two weeks ago.

The memecoin SNEK reached a new all-time high of $0.00101739 on May 30th, with a market capitalization standing at $63 million. The coin started with a market capitalization of only $275,000, but after being listed on Cardano’s DEX platform SundaeSwap two weeks ago, SNEK skyrocketed and recorded a staggering 23,000% increase.

The early sale of SNEK concluded on April 28th, distributing 50% of the total supply of 76.7 million SNEK tokens to early supporters.

The $SNEK has plansss 🐍

Boring ❌

We will do thingsss that have never been done before 👀 pic.twitter.com/Z3OGSuXq4X

— Snek 🐍 (@snekcoinada) May 29, 2023

Information about SNEK on the website is still relatively scarce, lacking a clear roadmap and objectives. However, the project’s Twitter account posted a teasing message on May 29th about creating “something never seen before.”

According to Cardano Cube, there are currently 25 memecoins on Cardano, including Hosky Token, DGAF, and A SHIB. However, SNEK is the first project to have a significant impact on price and garner attention from the community.

The rapid rise of SNEK’s market capitalization has undoubtedly drawn interest and speculation within the cryptocurrency community. Memecoins, inspired by internet memes, have gained popularity recently due to their meme-centric branding and the potential for quick gains. However, they also come with inherent risks, as their value can be highly volatile and subject to market manipulation.

Investors and traders should exercise caution and conduct thorough research before considering any investments in memecoins like SNEK. It is important to understand the fundamentals of the project, evaluate its long-term viability, and assess the overall market sentiment.