Cardano meme coin SNEK scales new heights

Cardano meme coin SNEK has been garnering a lot of attention from the crypto community lately.

On May 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, “What the heck is this #Snek thing that people keep tweeting about?”

Some took this to mean a Hoskinson-IO endorsement of SNEK. However, in a more recent tweet, he clarified that IO and Snek are not collaborating, nor does he own the token.

The comment responded to community member Fcking_Lemmings, posting about “huge announcements” and IO meetings in the next week. Hoskinson’s previous tweet also mentioned that there would be no Snek announcement next week.

Following the correction, Fcking_Lemming updated his post to state Snek will be making an announcement next week.

On May 29, the official Snek Twitter announced that it had unboring plans in the pipeline – teasing that these would be ‘never seen before’ innovative proposals.

“We will do thingsss [sic] that have never been done before.”

What is SNEK?

The Snek presale ended on April 28, distributing 50% of the total supply of 76,715,880,000 SNEK tokens to early supporters. Shortly after, the token went public via a SundaeSwap listing – opening with a market cap of $275,000.

Since then, SNEK has posted considerable gains to record a new all-time high of $0.00083068 on the morning of May 29 (BST). This equated to a peak market cap of $63,726,347 – or an approximate 23,000% increase since the SundaeSwap listing.

The Snek website states the project intends to build a sustainable and inclusive community on the Cardano blockchain and to deliver a “rewarding experience” for token holders. Furthermore, the token is marketed as a DeFi token, enabling users to “thrive and have fun together.”

The website does not show a roadmap, and no definitive, quantifiable objectives were given in the company’s vision statement upon CryptoSlate review.

“We think it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to our advantage.”

Cardano meme coins

Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature, raising concerns about their long-term sustainability.

On the other hand, advocates posit that meme coins increase community engagement, serving as a gateway into the crypto ecosystem that can convert no-coiners into crypto enthusiasts.

According to Cardano Cube, there are 25 Cardano-based meme coins, such as Hosky Token, DGAF, and A SHIB. However, Snek is the first to have made a notable impact regarding its social media presence and price action.

Last week, on May 24, Cardano DeFi’s Total Value Locked (TVL) increased to 256% year-to-date from 230%.