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$SNEK: The Memecoin That’s Slithering Its Way to the Top of the Cardano Ecosystem

source-logo  cryptoglobe.com 24 May 2023 20:04, UTC

Snek (SNEK) is a relatively new memecoin on the Cardano blockchain that has gained considerable attention in the community.

The coin was founded by a prominent member of the Cardano community, known as $goofycrisp, as reported by the Cardano Times. In the initial presale, which took place from 11 P.M. EST on April 27th to 5 A.M EST on April 28th, 50% of the total supply of 76,715,880,000 SNEK tokens were distributed to early investors and supporters of the project. The presale generated considerable interest, leading to a raise of 112k ADA via 519 transactions. Following the presale, SNEK was launched on the Cardano DEX, Sundaeswap, with an initial market cap of $275,000.

The remaining 50% of the SNEK supply was distributed across four key areas of the ecosystem. This included 40% for providing initial liquidity, 5% for an as-yet-undisclosed special utility, 2% for community event airdrops/giveaways, and 3% for CEX listing requirements and future developments or opportunities. Notably, the team did not allocate any of the circulating supply for their own compensation, leading many in the community to view the launch and allocation of SNEK as being conducted in a fair manner.

Tokenomics of @snekcoinada have been designed to be as fair and decentralized as possible early in the process. It's extremely important to do so when you want to start a community project like meme coin

I welcome all new coins cause it's fun and part of the ecosystem 🐍 $SNEK

β€” $goofycrisp (@goofy_crisp) May 4, 2023

Since its launch, SNEK has grown rapidly, boasting over 11,000 holders and a market cap of 75,617,190 $ADA as of May 24th. The coin has also seen an impressive social media presence, with over a million tweets mentioning $SNEK shared on Twitter within a matter of days. This attention has led to a significant influx of liquidity to the SundaeSwap DEX and a surge in traffic to TapTools, a website for tracking the price performance and trade history of Cardano native tokens and NFT collections.

Source: TapTools

The introduction of SNEK has reportedly attracted many new users to the Cardano ecosystem, with newcomers from VeChain, Ethereum, Solana, and other blockchain platforms choosing to engage with Cardano for the first time. Moreover, members of the SNEK community report a sense of increased unity and engagement within the broader Cardano community.

As of the most recent data from CoinGecko, the price of SNEK is $0.000e898, with a 24-hour trading volume of $3,947,081. The total supply of SNEK remains at 76,715,880,000, with 4.16% of the total supply pooled. The fully diluted valuation is $30,713,038.

Source: CoinGecko

On social media, SNEK has garnered praise for its tokenomics, which include a fair launch, decentralization, large liquidity, a high percentage of pooled supply, and a low market cap. The official SNEK Twitter account (@snekcoinada) maintains an active presence and frequently engages with its followers.

Not many tokensss can ssshow sssuch good tokenomicsss, meme or defi ngl πŸ†
🚨 Fair launch
🚨 Decentralized
🚨 Huge liquidity
🚨 High % of Pooled supply
🚨 Low market cap

It hasss all the healthy conditionsss to grow $HOSKY you there? $SNEK fam isss coming for you 😈🐍 pic.twitter.com/GQVdt0jeO5

β€” Snek 🐍 (@snekcoinada) May 1, 2023

As for what’s ahead for $SNEK, the following tweet offers some clues:

Upcoming $SNEK 🐍 events:

β€’ CEX Listings πŸ‘€

β€’ 7 Burn Mechanisms πŸ”₯

β€’ Art contest (12M SNEK in prizes) πŸ–Ό

β€’ *******************

β€’ @PaimaStudios πŸ”¨

β€” Snek 🐍 (@snekcoinada) May 24, 2023