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The global crypto market cap is $1.16 trillion with a 24-hour volume of $30.47 billion. The price of Bitcoin is $27,673.59 and BTC market dominance is 46.4%. The price of Ethereum is $1,897.15 and ETH market dominance is 19.7%. The best performing cryptoasset sector is Cannabis, which gained 54%.
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Snek is the first Cardano meme coin to make a notable impact – growing 23,000% in market cap since being listed on SundaeSwap several weeks ago.
Cover art/illustration via CryptoSlate
Cardano meme coin SNEK has been garnering a lot of attention from the crypto community lately.
On May 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, “What the heck is this #Snek thing that people keep tweeting about?”
Some took this to mean a Hoskinson-IO endorsement of SNEK. However, in a more recent tweet, he clarified that IO and Snek are not collaborating, nor does he own the token.
The comment responded to community member Fcking_Lemmings, posting about “huge announcements” and IO meetings in the next week. Hoskinson’s previous tweet also mentioned that there would be no Snek announcement next week.
Following the correction, Fcking_Lemming updated his post to state Snek will be making an announcement next week.
On May 29, the official Snek Twitter announced that it had unboring plans in the pipeline – teasing that these would be ‘never seen before’ innovative proposals.
“We will do thingsss [sic] that have never been done before.”
The Snek presale ended on April 28, distributing 50% of the total supply of 76,715,880,000 SNEK tokens to early supporters. Shortly after, the token went public via a SundaeSwap listing – opening with a market cap of $275,000.
Since then, SNEK has posted considerable gains to record a new all-time high of $0.00083068 on the morning of May 29 (BST). This equated to a peak market cap of $63,726,347 – or an approximate 23,000% increase since the SundaeSwap listing.
The Snek website states the project intends to build a sustainable and inclusive community on the Cardano blockchain and to deliver a “rewarding experience” for token holders. Furthermore, the token is marketed as a DeFi token, enabling users to “thrive and have fun together.”
The website does not show a roadmap, and no definitive, quantifiable objectives were given in the company’s vision statement upon CryptoSlate review.
“We think it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to our advantage.”
Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature, raising concerns about their long-term sustainability.
On the other hand, advocates posit that meme coins increase community engagement, serving as a gateway into the crypto ecosystem that can convert no-coiners into crypto enthusiasts.
According to Cardano Cube, there are 25 Cardano-based meme coins, such as Hosky Token, DGAF, and A SHIB. However, Snek is the first to have made a notable impact regarding its social media presence and price action.
Last week, on May 24, Cardano DeFi’s Total Value Locked (TVL) increased to 256% year-to-date from 230%.
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
CryptoSlate’s latest market report dives deep into the U.S. debt crisis, exploring past instances of debt failures and analyzing the implications a debt default could have on Bitcoin.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Charles Hoskinson is a Colorado-based technology entrepreneur, mathematician, and blockchain enthusiast.
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Ver said the stubbornness of Bitcoin developers led to the “scaling civil war” and the eventual creation of Ethereum.
Bitcoin and other digital assets are trading at a significant discount on Binance Australia as the exchange experiences AUD liquidity issues.
The bankrupt crypto firm Alameda was involved in several transactions over the past month in effort to consolidate funds.
Trezor said a remote seed phrase extraction is impossible on its hardware wallets, adding that it would never implemented.
Binance said it would remove its BTC/AUD trading pair amid continued decline in its Bitcoin spot trading market share.
Algorand Foundation CEO Staci Warden addressed difficult questions regarding price, regulatory pressure, and security.
Dennis Porter said ‘We are winning’ in response to the state of North Carolina passing bill blocking CBDC payments.
Blockchain analytical firm Arkham Intelligence reported that over 50 addresses hold more than $1 million worth of PEPE.
Trezor said a remote seed phrase extraction is impossible on its hardware wallets, adding that it would never implemented.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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