2 years ago
Cardano meme coin SNEK has been garnering a batch of attraction from the crypto assemblage lately.
On May 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, “What the heck is this #Snek happening that radical support tweeting about?”
Some took this to mean a Hoskinson-IO endorsement of SNEK. However, successful a much caller tweet, he clarified that IO and Snek are not collaborating, nor does helium ain the token.
The remark responded to community member Fcking_Lemmings, posting astir “huge announcements” and IO meetings successful the adjacent week. Hoskinson’s erstwhile tweet besides mentioned that determination would beryllium nary Snek announcement adjacent week.
Following the correction, Fcking_Lemming updated his station to authorities Snek volition beryllium making an announcement adjacent week.
On May 29, the authoritative Snek Twitter announced that it had unboring plans successful the pipeline – teasing that these would beryllium ‘never seen before’ innovative proposals.
“We volition bash thingsss [sic] that person ne'er been done before.”
What is SNEK?
The Snek presale ended connected April 28, distributing 50% of the full proviso of 76,715,880,000 SNEK tokens to aboriginal supporters. Shortly after, the token went nationalist via a SundaeSwap listing – opening with a marketplace headdress of $275,000.
Since then, SNEK has posted sizeable gains to grounds a caller all-time precocious of $0.00083068 connected the greeting of May 29 (BST). This equated to a highest marketplace headdress of $63,726,347 – oregon an approximate 23,000% summation since the SundaeSwap listing.
The Snek website states the task intends to physique a sustainable and inclusive assemblage connected the Cardano blockchain and to present a “rewarding experience” for token holders. Furthermore, the token is marketed arsenic a DeFi token, enabling users to “thrive and person amusive together.”
The website does not amusement a roadmap, and nary definitive, quantifiable objectives were fixed successful the company’s imaginativeness connection upon CryptoSlate review.
“We deliberation it is indispensable to experiment, innovate, marque mistakes, accommodate and usage the tools disposable to our advantage.”
Cardano meme coins
Meme coins often look criticism owed to their perceived deficiency of utility, inherent value, and highly speculative nature, raising concerns astir their semipermanent sustainability.
On the different hand, advocates posit that meme coins summation assemblage engagement, serving arsenic a gateway into the crypto ecosystem that tin person no-coiners into crypto enthusiasts.
According to Cardano Cube, determination are 25 Cardano-based meme coins, specified arsenic Hosky Token, DGAF, and A SHIB. However, Snek is the archetypal to person made a notable interaction regarding its societal media beingness and terms action.
Last week, connected May 24, Cardano DeFi’s Total Value Locked (TVL) accrued to 256% year-to-date from 230%.
The station Cardano meme coin SNEK scales caller heights – hitting caller all-time high appeared archetypal connected CryptoSlate.
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