Cardano Memecoin SNEK Surpasses $100M Market Cap and Records New High

  • The success of PEPE has led to memecoin mania. 
  • Memecoins are emerging on different networks. 
  • SNEK, a Cardano memecoin, has been on fire lately. 
  • SNEK has become one of the top tokens in the Cardano ecosystem. 

PEPE’s unprecedented and overwhelming success has sparked a widespread frenzy of memecoins in the industry. The memecoin craze is impacting various networks, including Bitcoin and Cardano

As memecoin-mania sets the crypto industry ablaze, many memecoins have emerged to follow in the footsteps of PEPE, especially SNEK. The Cardano-native memecoin is rapidly gaining momentum and igniting excitement within the community. Today, the asset is one of the top tokens on Cardano and is at the forefront of the network’s success in the DeFi sector. 

A SSStorm

SNEK is proving to be a force to be reckoned with as it shakes up the Cardano ecosystem. It is a major driving force behind the network’s recent spike in activity and transactions. Last month the token facilitated over 250,000 transactions. 

The Cardano and meme community are flocking to get the token which has skyrocketed by a whopping 300% since its inception in late April. Interestingly, SNEK has surged by 140% in the past week alone. This has allowed the asset to become the second-largest token in the Cardano ecosystem by market cap. 

On May 29, the network hit an all-time high of $0.00090 and a peak market cap of $65 million. However, on May 31, SNEK recorded another high of $0.00152 and a peak market cap of $116 million – a 50% increase in just two days, according to MinSwap. At press time, the asset exhibited an impressive daily trading volume of $10.4 million – a 112% increase from its last all-time high. 

Although the token has no whitepaper, it has a vision. The memecoin has shared that it aims to create a “sustainable and inclusive community-driven token on Cardano” and provide a rewarding experience for our token. 

Given SNEK’s massive returns and incredible performance, the memecoin has not fallen short of its promise. If the asset continues to rally as it has in May, the memecoin could be listed on major centralized exchanges like Binance, fueling another rally as it did for PEPE

On the Flipside

  • PEPE reached a $1bn market cap in 19 days since launch.
  • $PEPE scored 400% gains in its first week and entered the top 50 tokens by market cap. 
  • Dogecoin is the largest memecoin with a $10 billion market cap. 

Why This Matters

The memecoin frenzy has brought a fair share of new retail investors into the crypto sphere, especially Cardano. The interest in SNEK could propel the underlying network to new heights. 

Read more about memecoins: 

SHIB, DOGE Leave PEPE Behind: On-Chain Metrics Tell the Story.

Read more about Cardano: 

How Cardano’s Marlowe Protocol Makes Smart Contracts Accessible

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Written by on 2023-05-31 22:15:00.

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