Snek (ADA: $SNEK) is a leading memecoin on the Cardano Network that has become part of a cultural movement in the Web space. The meme coin is the embodiment of fun and innovation, and has recently become the most trade token on Cardano.
The SNEK Origin Story
Snek we live on April 26, 2023, and has slowly been growing in popularity ever since. Like other meme coins like Bonk, Shiba Inu, and Pepe, SNEK has made a name for itself as a community-driven project that pushes the limits on what a meme coin can do.
The project has launched several projects that include snek.fun, where anyone can create and launch a token on the Cardano blockchain. Additionally, they have launched a line of drinks called SNEK ENERGY , a Telegram trading bot called SNEKbot, and Snekx, where you can mint your own Cardano meme coins.
The developers also created the Snek Ecosystem Fund, which leverages the Snek Pit DAO treasury to invest in Cardano-based startups, and the Snek ecosystem. It is a community-managed fund and is focused on establishing a sustainable long-term vision for the Snek ecosystem
The team settled on Cardano due to its robust, scalable, and sustainable blockchain infrastructure, which offer an ideal foundation to create dApps. That aligns perfectly with Snek’s vision of a decentralized Web3 future.
$SNEK Tokenomics
The SNEK meme coin launched with a total supply of 76,715,880,000 $SNEK. It uses a deflationary model, and thus far 1,225,534,006 SNEK has been burned. Looking at the on-chain data, there have been 2,190,349 transactions since its launch, with 67,963 existing wallet addresses.
SNEK Market Cap Soars To New Highs
On December 3, 2024, the SNEK meme coin soared to a new all-time high of $0.008743. Since then, it has pulled back 6.7% as investors take profit. It has a market cap of $609.24 million, and is one of the top three coins on Cardano overall behind Cardano (ADA), and Chainlink (LINK). $SNEK is now the top meme coin on Cardano, and one of the top 20 meme coins by market cap overall.
Looking at the trading volume, SNEK is among the top five most traded coins, with a trading volume of $13,674,364 in the past 24 hours. In the past 12 months, its market cap has appreciated an astounding 2055.7%, and in the past week, it is up 86.9%. Since its all-time low of $0.0001385 on October 20, 2023, the coin has appreciated 5788.3%.
Based on its recent performance, and current market cap, it is likely that $SNEK will hit the $1 billion market cap in the coming weeks. For instance, it has risen 741.4% in the past month. Consequently, another 40% gain to over $1 billion is within the realm of possibilities. The token is listed on numerous centralized exchanges like Bitget, MEXC, Gate.io., CoinEx, and BitMart.
Social Media Following
$SNEK’s online following is significant, with 49K followers on X, 7,316 members in its Telegram group, 12,016 in its Discord channel, and 710 followers on TikTok.
Is SNEK Your Opportunity For Huge Meme Coin Returns?
So far, every blockchain ecosystem, except for Cardano has had a meme coin with an over $1 billion market cap. The Cardano ecosystem has numerous advantages for building a decentralized Web3, compared to existing chains.
As $SNEK brings Cardano into focus, it could lead to an explosion in use cases for Cardano, which could push the number of SNEK holders through the roof. Consequently, even after hitting a new all time high recently, there is potentially a huge upside potential for the SNEK meme coin.
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