SNEK has also received praise on social media for its tokenomics, which include a fair launch, decentralisation, high liquidity, a high percentage of pooled supply, and a low market cap.
Another day, another memecoin hype. But this time, it's a special one as it's based on one of the leading blockchain ecosystems.
SNEK meme coin, a Cardano-based meme coin is making its way through the top memecoins. The SNEK meme coin has acquired great attention in such a short while.
$goofycrisp, a Cardano community member, along with MasterofC from the Chilled Kongs Team and JSHy, a jpg.store team software engineer, founded the Cardano network-based memecoin.
The initial coin presale took place for 6 hours between Thursday, April 27th and Friday, April 28th, and distributed almost 50% of the entire supply of over 76 billion SNEK tokens. Let's cover the SNEK Meme coin's latest events to make a conclusion that where this memecoin could possibly go.
For memecoins such as community-driven meme tokens, social media is a heaven to make things happen. Recently, the SNEK meme coin soared more than 100% in just 7 days after Cardano CEO Charles Hoskinson Tweeted about the memecoin.
What the heck is this #Snek thing that people keep tweeting about?
The coin has made headlines over the microblogging site and since then bagged more than 11000+ holders just in a couple of days after launch. Just in, someone bought around 213K ADA worth of SNEK meme coins which counts for 187.41 Mn SNEK meme coins.
The presale drew a lot of attention, resulting in a total of 112k ADA raised from 519 transactions. Following the presale, SNEK was listed on the Cardano DEX, Sundaeswap, with a market capitalization of $275,000.
The remaining 50% of the SNEK supply was spread throughout four critical ecosystem zones. This includes 40% for initial liquidity, 5% for an unnamed unique utility, 2% for community event airdrops/giveaways, and 3% for CEX listing requirements and future developments or opportunities. Notably, the team did not use any of the circulating supply for their own pay, prompting many in the community to believe that the introduction and distribution of SNEK was fair.
Snek (SNEK) is currently trading at $0.00041085 with a 24-hour trading volume of $2,605,432. In the last 24 hours, the price has risen by 10.45% and a 101% rise in 7 days.
Looking at the current 4-hour chart of the SNEK meme coin, the price action is making a significant rising trend pattern with almost 2 times ATH. This means that the 0.0021 price mark is very crucial for SNEK to break for a higher bull run. The lower bottom has been tested several times and the price is still above it.
Furthermore, the trading volume between 18 May to 25 May has seen a lot of activity as many investors came and booked heavy profits on SNEK meme coin. The thing which is surprising is that even after 100% ROI, bulls are still pushing the prices above which means the market confidence and the community is strong.
Additionally, the 14-day RSI is at 58 and looking in the upward direction which suggests that bulls are dominating the market.
According to reports, the release of SNEK has attracted many new users to the Cardano ecosystem, with newbies from VeChain, Ethereum, Solana, and other blockchain platforms choosing to connect with Cardano for the first time. Furthermore, members of the SNEK community express a greater sense of togetherness and participation within the larger Cardano community.
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