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Every day, new and innovative projects launch across multiple blockchains. Bitcoin led the way, Ethereum demonstrated smart contracts, and Cardano plans to perfect the Ethereum architecture.
In early 2024, meme coins might cement their position in crypto thanks in part to the success of their predecessors in 2023, including BONK on Solana, PepeCoin (PEPE) on Ethereum, and SNEK on Cardano.
While meme coins top performance charts, the community has also been watching how the artificial intelligence (AI) space has evolved with special attention on InQubeta (QUBE). In the ongoing presale, the crypto AI project has raised over $7.9 million, with some commentators claiming that QUBE might even outperform some of the top meme coins, especially SNEK, in the coming months.
This article examines whether this is possible and whether QUBE will dominate crypto forums and headlines in 2024.
What is SNEK, And Why Is It Dominating Cardano?
Cardano is known for its systematic approach to development. From Byron to Goguen and now Basho, eventually, Cardano will activate Voltaire, where it will work on complete decentralization with confidence that the network is optimized correctly and capable of handling thousands of transactions every second. All these refinements are being completed in the current development stage, Basho.
To “stress test” Cardano’s capability, SNEK deployed as the first meme coin on the blockchain. Historically, the popularity of meme coins, looking at Shiba Inu (SHIB) on Ethereum, tends to cause network congestion and, thus, higher fees. However, with SNEK on Cardano, performance has been optimal, with fees steady despite the meme coin’s surging popularity.
SNEK, its developers claim, is a deflationary meme coin on Cardano. It aims to be a popular web3 coin representing fun and innovation. Of note, the meme coin is inspired by the success of others, including Dogecoin and Shiba Inu.
The meme coin is the largest by trading volume on Cardano, and its success, its developers hope, could onboard more users to the proof-of-chain blockchain.
As of early January 2024, SNEK had a market cap of over $108 million. Moreover, it is available for trading on multiple exchanges, including MEXC and Gate.io.
Price action data shows that between October and December 2023, SNEK prices rose roughly 25X, peaking in late 2023.
It is currently down 50% as investors explore alternatives, primarily InQubeta.
Is InQubeta Ready To Rally In 2024?
As SNEK holders appear to take profit after sharp gains in 2023, the focus is on InQubeta and its goal to ease funding pain points for crypto AI startups.
In the InQubeta presale, nearly $8 million has been raised from the more than 703 million QUBE sold by stage 6. Each token is available for 0.01925 USDT. Supporters claim it will rally in the months ahead once it launches on crypto exchanges.
InQubeta’s presale success could be due to multiple factors, including the overall recovery across the crypto scene. Bitcoin prices have nearly 3X from 2022 pits, trading at over $40,000 when writing.
This rally has lifted spirits in crypto, improving sentiment. In turn, more crypto holders are loosening their purse strings, seeking opportunities in emerging but potent projects. Amid this wave, InQubeta has benefited.
InQubeta aims to level the field, enabling ordinary crypto investors to get in early on vetted AI projects leveraging smart contracts. All opportunities presented by these projects are fractionalized as non-fungible tokens (NFTs) so that anyone, regardless of their financial capabilities, has a chance to buy.
All purchases via the platform’s internal NFT marketplace are made using QUBE. This ERC-20 token serves as a utility and governance. Since it is also deflationary, there is a chance for QUBE prices to increase in the future.
Beyond governance, QUBE holders can stake and receive rewards, increasing their income streams.
Conclusion
If InQubeta succeeds once it launches, it could significantly impact the crypto scene in multiple ways. Besides democratizing access to AI-powered crypto projects, there is a potential for early adopters to benefit from capital gains, accelerating adoption. This will be similar to how SNEK aims to encourage users to integrate Cardano solutions through its playful, memetic approach.
Visit InQubeta Presale Website
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Source: https://beincrypto.com/analysts-monitoring-snek-on-cardano-is-this-crypto-ai-a-better-option/