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Cardano Based Memecoin SNEK Reaches ATH, Will it Surge More?

Pathik Bhattacharya
Pathik Bhattacharya Published on May 31, 2023 05:47 PM

Snek (SNEK) reached a new all-time high of $0.001188 today. SNEK's price had risen by 45% in the previous 24 hours.

Cardano Based Memecoin SNEK Reaches ATH
Source: Twitter | SNEK

Meme coin based on Cardano The crypto community has given SNEK a lot of attention, which has helped SNEK currency achieve its pinnacle. 

SNEK entered the cryptocurrency market on May 15 and has since seen a significant increase in interest and price as it competes with Dogecoin and Shiba Inu, despite the fact that it is still in its first month. Every day, the memecoin reaches a new all-time high. According to its official release, the Snek currency has become the eighth-largest meme coin. 

Cardano experienced a recent surge in TVL after SNEK and many Cardano Based memecoins uptrend. In the last week, trading volume on Minswap, a popular DEX on Cardano's platform, increased by 82.28%. Cardano is presently ranked 16th in terms of total value locked (TVL). 

Minswap has had a 12.28% week-over-week growth, while its one-month change is an amazing 28.05%, with a TVL of around $64.95 million. Indigo and WingRiders, two other Cardano DeFi protocols, have also seen development, but at a slower rate, with TVLs of $33.99 million and $14.97 million, respectively. The rise in TVL reflects a greater interest in and trust in these DEXes. Let's see what SNEK Coin's future holds for investors.

SNEK Coin Became Second Largest Asset on Cardano Ecosystem

According to TapTools, SNEK has climbed to become the second most valuable asset in the Cardano ecosystem by capitalisation. SNEK, with a capitalization of 150 million ADA, or around $56 million, has quickly demolished several long-established ecosystem coins. Although the margin is still quite tiny, the World Mobile Token (WMT) was its most recent conquest.

cardano ecosystem token chart

Source: TapTools

SNEK has even eclipsed AGIX, which presently occupies the top rank, in this achievement. AGIX, the SingularityNET token, is worth 979.6 million ADA, or $371 million. AGIX, on the other hand, entered the Cardano ecosystem almost a year ago and has only achieved considerable progress in the first two months of 2023.

Amid the recent surge, SNEK Coin has climbed up to the $100 Mn Market cap on Wednesday and joined Pepe, Dogecoin and Shiba Inu in the world's one of the largest memecoin list. Additionally, the SNEK coin will also announce the first burn mechanism via a series of Tweets in the upcoming days.

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SNEK Coin Price Analysis

Snek (SNEK) is now trading at $0.00121734 with a 24-hour trading volume of $9,526,781. This reflects a price increase of 11.15% in the previous 24 hours and a price increase of 228.33% in the last 7 days. SNEK has a market valuation of $100 million and a circulation supply of 70.84 billion SNEK.

On the hourly chart, SNEK Coin is making a rising Megaphone pattern or Broadening triangle pattern which generally indicates a Beraish outcome in the long-term run. The volume could be seen varying between the trades as short-term investors are constantly looking for an exit point.

Moreover, the 14-Day RSI is at 68 which is considered as an overbought zone and usually sees a down movement after reaching the spot.

snek coin price chart

Source: TradingView

What is SNEK Coin?

The SNEK token According to the SNEK website, the project's goal is to build an inclusive and sustainable community on the Cardano blockchain while also providing token holders with a rewarding experience. Furthermore, there is no roadmap on the website. 

There are 25 meme currencies based on Cardano, including Hosky Token, DGAF, and A SHIB. Snek, on the other hand, is the first to make a substantial effect in terms of price movement and social media presence.

Furthermore, MEXC Global, the world's largest centralised cryptocurrency exchange, has listed this new memecoin, SNEK, on its trading platform.

 

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