Cardano meme coin SNEK has been garnering quite a lot of consideration from the crypto neighborhood recently.
On Could 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, “What the heck is that this #Snek factor that folks preserve tweeting about?”
Some took this to imply a Hoskinson-IO endorsement of SNEK. Nevertheless, in a more moderen tweet, he clarified that IO and Snek usually are not collaborating, nor does he personal the token.
The remark responded to neighborhood member Fcking_Lemmings, posting about “big bulletins” and IO conferences within the subsequent week. Hoskinson’s earlier tweet additionally talked about that there could be no Snek announcement subsequent week.
Following the correction, Fcking_Lemming up to date his put up to state Snek might be making an announcement subsequent week.
On Could 29, the official Snek Twitter introduced that it had unboring plans within the pipeline – teasing that these could be ‘by no means seen earlier than’ modern proposals.
“We are going to do thingsss [sic] which have by no means been performed earlier than.”
What’s SNEK?
The Snek presale ended on April 28, distributing 50% of the whole provide of 76,715,880,000 SNEK tokens to early supporters. Shortly after, the token went public by way of a SundaeSwap itemizing – opening with a market cap of $275,000.
Since then, SNEK has posted appreciable good points to file a brand new all-time excessive of $0.00083068 on the morning of Could 29 (BST). This equated to a peak market cap of $63,726,347 – or an approximate 23,000% enhance for the reason that SundaeSwap itemizing.
The Snek web site states the challenge intends to construct a sustainable and inclusive neighborhood on the Cardano blockchain and to ship a “rewarding expertise” for token holders. Moreover, the token is marketed as a DeFi token, enabling customers to “thrive and have enjoyable collectively.”
The web site doesn’t present a roadmap, and no definitive, quantifiable goals got within the firm’s imaginative and prescient assertion upon CryptoSlate overview.
“We predict it’s essential to experiment, innovate, make errors, adapt and use the instruments obtainable to our benefit.”
Cardano meme cash
Meme cash typically face criticism as a result of their perceived lack of utility, inherent worth, and extremely speculative nature, elevating issues about their long-term sustainability.
Alternatively, advocates posit that meme cash enhance neighborhood engagement, serving as a gateway into the crypto ecosystem that may convert no-coiners into crypto fanatics.
In line with Cardano Dice, there are 25 Cardano-based meme cash, equivalent to Hosky Token, DGAF, and A SHIB. Nevertheless, Snek is the primary to have made a notable affect relating to its social media presence and worth motion.
Final week, on Could 24, Cardano DeFi’s Complete Worth Locked (TVL) elevated to 256% year-to-date from 230%.
