SNEK Memecoin Soars 56% Weekly Post Energy Drink & Web3 Game Launch

Oct 28, 2023 | Analysis, News

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SNEK Memecoin Soars 56% Weekly Post Energy Drink & Web3 Game Launch

SNEK Memecoin’s Remarkable Price Rally

In a remarkable turn of events, the price of $SNEK, a well-known memecoin residing within the Cardano ($ADA) ecosystem, has surged by over 56% over the past week, and an additional 16% within the last 24 hours, outperforming the broader cryptocurrency market.

Strong Trading Volume and Market Capitalization

Market data reveals that $SNEK experienced a robust trading volume exceeding $770,000 during the past 24 hours, and its fully diluted market capitalization currently stands at a modest $16.8 million, placing it among the smaller players in the cryptocurrency landscape. Touting itself as the “chilliest meme coin on Cardano,” SNEK aims to cultivate a strong community, foster decentralized finance activities within the Cardano network, and reward its loyal holders.

Driving Forces Behind the Price Surge

The substantial upswing in SNEK’s price is likely a consequence of increasing demand and its limited liquidity, although it is worth noting that the SNEK community has been diligently working to expand the SNEK ecosystem over time.

SNEK’s Prominence in the Cardano Ecosystem

Members of the SNEK community have highlighted that SNEK is presently the most actively traded asset within the Cardano ecosystem, which boasts a total value locked of $196.6 million as of the current time. Impressively, over $90 million of these funds are distributed across the decentralized exchange Minswap and the collateralized debt protocol Indigo, as per data from DeFiLlama.

Venturing Beyond Cryptocurrency

Notably, the SNEK community has ventured into the energy drink market, introducing a 12-pack of SNEK-branded cans available for purchase at $45. Additionally, they have been working on a web3 game set to launch soon and have unveiled a staking mechanism for token holders named “Last Snek Standing,” which rewards participants who maintain their stakes until the end of the staking period.

Reducing Circulating Supply

Furthermore, the SNEK cryptocurrency community is actively implementing a total of seven distinct burning mechanisms to reduce its circulating supply of 70.8 billion tokens. These mechanisms encompass a token bridge, a staking pool, liquidity provider trading fee rewards, lending, and an ADA raffle system, among others.

Weiss Ratings’ Endorsement

SNEK’s astounding ascent coincides with an endorsement from Weiss Ratings, a reputable analytical research firm established in the United States in 1971. Weiss Ratings, renowned for its extensive coverage of various investment options, including stocks, mutual funds, banks, and cryptocurrencies, has identified Cardano as a must-have asset in any crypto portfolio during bullish market conditions.

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