SNEK: The Memecoin Taking Over Cardano
$SNEK, a memecoin on the Cardano blockchain, has taken the Cardano ecosystem aback by its shocking performance and instant notoriety
SNEK, a Cardano-based memecoin founded by the prominent Cardano community member, $goofycrisp, has taken the Cardano ecosystem by storm gaining instant notoriety and unheard-of price performance. Just nearly two weeks ago, the SNEK team conducted a presale lasting from 11 P.M. EST on April 27th until 5 A.M EST on April 28th where they distributed 50% of the total supply of 76,715,880,000 SNEK tokens to early supporters and investors of the project. As TapTools states in their newly published article reviewing the memecoin, “the SNEK presale quickly gained traction on Twitter, with over 2000 ADA sent to the presale address within minutes, eventually reaching 112k ADA raised in 519 transactions.” After the presale ended, SNEK then launched with a market cap of an astounding $275,000 on the Cardano DEX, Sundaeswap.
The team also announced that the remaining 50% of the supply would be allocated towards four key aspects of the ecosystem; with 40% of the supply being distributed to provide initial liquidity, 5% of the supply being allocated toward special utility that is yet to be announced, 2% of the supply being allocated to airdrops for community events/giveaways, and the remaining 3% being allocated towards CEX listing requirements as well as any future developments/opportunities. What’s important to note is that the allocation of the circulating supply dedicated no funds whatsoever to pay the team, which has contributed to the idea perpetuated by its community that SNEK was launched and allocated in a truly fair manner.
Starting out initially with just a few holders, SNEK has expanded to new heights reaching over 5,000 holders (as of May 8th) and reaching a market cap of 38.35M $ADA (as of 9:04 P.M. EST, May 8th). SNEK’s social media presence has also been immense and often overwhelming, with over a million tweets mentioning $SNEK being shared on Twitter in the span of just a few days, shockingly competing with the likes of notable memecoins such as $PEPE and $DOGE. No Cardano native token - memecoins or otherwise - has ever seen such instant notoriety and widespread social media presence, bringing massive attention to the Cardano ecosystem in the most unexpected fashion. Holders of SNEK have turned to Cardano-based tools and DApps that have often been overlooked by many, such as the immense liquidity pouring into the SundaeSwap DEX and the overwhelming traffic for TapTools - a website that allows users to track price performance and trade history of Cardano native tokens and NFT collection - to the point where it crashed the TapTools website on a couple occasions and truly tested the resilience of SundaeSwap. Before SNEK’s public launch, SundaeSwap was one of the least utilized DEX’s, but has seen its TVL rise significantly after SNEK’s launch.
Cardano has long been praised for its technological superiorities and plethora of established projects, but these praises have often fallen on deaf ears who refused to engage in the ecosystem regardless of the great developments occurring within it. With the introduction of SNEK, it has reportedly onboarded a sizable number of newcomers from VeChain, Ethereum, Solana, and others to Cardano for the first time; allowing them to truly experience the Cardano ecosystem and all it has to offer in an entertaining and engaging manner. Furthermore, a number of SNEK community members have reported that they feel as if the Cardano community has never been more united and engaged with each other. Although important debates may not be occurring in the SNEK Discord, many feel as if they haven’t had this much fun in Cardano in a very long time.
Although initially started out with no anticipation of reaching such astronomical amounts of success, SNEK truly has established itself as one of the most notable memecoins released during the last few weeks, which has been dubbed the ongoing “Memecoin Summer.” From its unprecedented social media presence in comparison to other Cardano-based projects, and its astounding price performance, SNEK surely will continue to remain as one of the most notable projects building in the Cardano ecosystem as well as continue to contribute to Cardano’s growth in the most unexpected mannerisms. Dubbed the memecoin of the Cardano community, time will tell if it continues to be a force to reckon with.
