The Cardano blockchain has recently seen the launch of a new meme coin called SNEK, which has piqued the interest of Cardano founder, Charles Hoskinson. In his latest tweet, Hoskinson asked about SNEK, leading to a surge in its price by 16.13% in the last 24 hours.
Created by well-known Cardano community member goofycrisp and co-founders MasterofC and JSHy, SNEK has a total supply of 76.7 billion tokens. During its presale, 50% of the tokens were distributed. While some people might view Hoskinson’s tweet as a promotional tactic, it also highlights the growing popularity of the Cardano network.
SNEK had a successful presale and launched on SundaeSwap, a leading Cardano-based decentralized exchange, with a market capitalization of $275,000. As of May 11, 2023, the token is currently trading at 0.000278 ₳ with a market capitalization of $21,331.
Interestingly, during the presale on April 27, 2023, SNEK gained massive traction on Twitter. In just minutes after the token sale went live, over 2,000 ADA tokens were sent to the presale address. The presale reached a milestone of 112,000 ADA coins in 519 transactions.
The rapid rise of SNEK highlights both the pros and cons of meme coins in the blockchain ecosystem. On one hand, meme coins can quickly gain attention and build a strong community, driving their value upwards. This is particularly true when influential figures, such as Hoskinson, express interest in them. Furthermore, the success of SNEK demonstrates the potential for growth and innovation on the Cardano network, as more projects and tokens emerge on the platform.
On the other hand, meme coins have been criticized for contributing to market volatility and their susceptibility to price manipulation. Critics argue that meme coins lack substance and focus too much on hype, leading to unsustainable price movements and potential financial loss for investors.
In conclusion, the recent rise of SNEK serves as a prime example of the growth of the Cardano network and its potential to foster innovative projects. However, it’s essential for potential investors to conduct thorough market research before investing, as the performance of meme coins can be unpredictable and subject to significant fluctuations. The author and the publication do not accept responsibility for any personal financial loss.
Source: Coingape
