The meme coin SNEK in the Cardano ecosystem has gained more than 200% in the last seven days, and this remarkable price action has caught the attention of market participants. The SNEK price is currently trading at $0.0017, up from just $0.0004 last Monday. 135% of this huge increase coincided with the weekend. Considering that market participants are less active, this rise is quite remarkable.
SNEK performed well, climbing to the fourth place in the ranking of the largest tokens in the Cardano ecosystem. According to TapTools data, SNEK currently has a market cap of $30.7 million and is only $2 million away from the third-ranked token. This remarkable rise becomes even more interesting with SNEK being a new meme coin. The project emerged on April 30 in the midst of a sudden meme coin season caused by the Pepe Coin (PEPE) phenomenon.
This remarkable rise of SNEK gets even more interesting as it is a fairly new meme coin. The project literally came out on April 30, in the midst of a sudden meme coin season caused by the Pepe Coin (PEPE) phenomenon.
Calling itself “the most comfortable meme coin in Cardano”, the core idea behind SNEK is to build community, develop the decentralized finance industry in Cardano and reward its holders. Despite the lack of any clear roadmap or major announcements, SNEK has been positively received by the Cardano community, which can be considered an indicator of its success.
The rise of SNEK hasn’t gone unnoticed even by Cardano founder Charles Hoskinson, which could further increase the future potential of the project.
You can follow the current price action here.