Key Points:
- SNEK’s price on Cardano surged by over 56% in just one week.
- The SNEK community introduced an energy drink and a web3 game.
- Weiss Ratings endorsed Cardano as a must-have in crypto portfolios.
In the realm of cryptocurrency, $SNEK, a popular memecoin residing within the Cardano ($ADA) ecosystem, has recently experienced an impressive surge. Over the past week, its price has soared by more than 56%, and within the last 24 hours alone, it recorded a significant gain of over 16%, surpassing the broader cryptocurrency market’s performance.
Market data reveals that SNEK’s trading volume in the last 24 hours exceeded $770,000, with a fully diluted market capitalization resting at a modest $16.8 million, making it a relatively minor player in the crypto landscape. Billing itself as the “chilliest meme coin on Cardano,” SNEK has set its sights on nurturing community engagement, stimulating decentralized finance activities within the Cardano network, and generously rewarding its loyal holders.
The notable price upswing of this memecoin can likely be attributed to growing demand, despite the limited liquidity it has previously encountered. Worth noting is the proactive effort by its community to develop the SNEK ecosystem over time.
SNEK’s community proudly reports that it holds the title of the most actively traded asset within the Cardano ecosystem, which, at the time of writing, boasts a total value locked of $196.6 million. A significant portion of these funds, exceeding $90 million, is locked within the decentralized exchange Minswap and the collateralized debt protocol Indigo, according to DeFiLlama.
Top Tokensss By Volume – All time ✊$SNEK 🐍 pic.twitter.com/zQaZidA0PL
— Snek 🐍 (@snekcoinada) October 27, 2023
The SNEK community has made strategic moves to expand its influence. They have ventured into new territory by introducing an energy drink product, available as a 12-pack for $45, and have also been diligently working on a web3 game, which is poised for an imminent launch. Furthermore, they have introduced a staking mechanism, dubbed “Last Snek Standing,” rewarding token holders who commit to staking their assets until the conclusion of the staking period.
SNEK’s crypto community is taking steps to implement seven distinct burning mechanisms, aiming to reduce the circulating supply of its 70.8 billion tokens. These mechanisms include a token bridge, a staking pool, rewards from liquidity provider trading fees, lending activities, and an ADA raffle system, among others.
The surge in SNEK’s value coincides with a vote of confidence from Weiss Ratings, a long-established analytical research firm in the United States. Weiss Ratings has endorsed Cardano as a valuable addition to any bullish cryptocurrency portfolio, further bolstering the momentum behind SNEK and its Cardano-based ecosystem.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
