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- Snek (SNEK), a novel memecoin created by a leading figure within the Cardano community, has amassed considerable interest, boasting a robust holder base of over 11,000 and a market capitalization of 75,617,190 ADA as of May 24th.
- The token’s launch, lauded for its equitable distribution model which excluded any team compensation, has been praised for its impressive tokenomics encompassing decentralization, substantial liquidity, high percentage of pooled supply, and a modest market capitalization.
The SNEK Story: An Unconventional Beginning
Snek, a new entrant into the world of memecoins, has rapidly carved out a space for itself within the Cardano ecosystem. The coin was conceived by a well-known figure in the Cardano community, known as $goofycrisp. According to the Cardano Times, an initial presale saw half of the total supply of 76,715,880,000 SNEK tokens distributed to early backers, generating interest that led to a raise of 112k ADA via 519 transactions.
SNEK became the 5th LARGEST Cardano coin by MC, Trended on Twitter, Wallets are near 12k, avg HODL is up 100% in 4 days, Our MC is larger than the bottom 5 market caps in the top 25 on Cardano, COMBINED. In one day we traded in volume more than all of Cardano NFT’s COMBINED. 🤯
— Marcosantiago (@marcosantiagoNY) May 25, 2023
Following this, SNEK was introduced on the Cardano DEX, Sundaeswap, starting with a market cap of $275,000.
The remaining 50% of SNEK was allocated across four strategic areas of the ecosystem: 40% for providing initial liquidity, 5% for a yet-to-be-revealed special utility, 2% for community event airdrops/giveaways, and 3% for CEX listing requirements and future developments. The team chose not to retain any tokens for themselves, earning praise from the community for the equitable launch and distribution process.
SNEK’s Progress: Rapid Growth and Community Engagement
Since its introduction, SNEK’s growth has been remarkable. The token now boasts over 11,000 holders and a market cap of 75,617,190 ADA as of May 24th. Social media has been a crucial driver of its popularity, with over a million tweets mentioning $SNEK shared on Twitter in just a few days.
This spotlight has led to a substantial increase in liquidity on the SundaeSwap DEX and heightened traffic on TapTools, a site that tracks the price performance and trade history of Cardano tokens and NFT collections.
Moreover, SNEK’s arrival has reportedly drawn many new users to the Cardano ecosystem, with first-time users from VeChain, Ethereum, Solana, and other blockchain platforms choosing to interact with Cardano. Furthermore, SNEK community members have reported a sense of increased cohesion and involvement within the broader Cardano community.
At the time of the latest data from CoinGecko, SNEK’s price was $0.000e898, with a 24-hour trading volume of $3,947,081. Its fully diluted valuation was $30,713,038. On social media, SNEK’s fair launch, decentralization, large liquidity, high percentage of pooled supply, and low market cap have been lauded. Looking ahead, while the roadmap for $SNEK remains somewhat enigmatic, signs point towards a promising future.