It is the memecoin season in the crypto space, and Cardano is included in the trendy asset’s increasing demands. SNEK, the canine token built on the Cardano blockchain, is vying for relevance alongside others like PEPE, Dogecoin (DOGE), and Shiba Inu (SHIB) as the race for the leading memecoin continues to heat up.
The Cardano community is standing firm in support of the ecosystem’s memecoin, with its trading volume currently at a record high. In addition, Cardano’s total value locked (TVL) is also rising.
Observers wonder whether Cardano’s new project could hold its own against established tokens like DOGE and SHIB. SNEK is a revolutionary meme crypto-asset built on the Cardano blockchain.
While most meme coins across the Ethereum and Binance Smart Chain are centered around canine motifs, the inventive Cardano community defied convention by embracing a snake-inspired theme for its SNEK token. With a token supply of about 77 billion, SNEK exemplifies a community-driven initiative.
Moving away from the norm, the SNEK project team opted against reserving tokens for its founding team. This move ensures a fair and inclusive distribution of the initial circulating supply for all stakeholders.
The SNEK’s Influence On DeFi And ADA
Due to its explosive growth, SNEK has attracted significant attention in the Cardano community. In contrast to its Layer-1 counterparts, Cardano has frequently been criticized for its perceived limitations in DeFi applications, including its relatively lower on-chain trading volume and Total Value Locked (TVL).
However, all these criticisms changed after SNEK debuted on the network early last month. The memecoin has significantly altered the MinSwap trading scene with its surging trading volume, which has reached a staggering tenfold.
It has also encouraged DeFi traders to explore some uncharted parts of the Cardano ecosystem. Early adopters have been known to relish extraordinary gains, with some holders witnessing an astonishing 50x return on their SNEK investments.
Furthermore, on-chain data predicts a bullish picture for the token in the coming days due to various catalysts and imminent updates on the Cardano network. The updates include the highly anticipated Voltaire upgrade and the creation of over 150,000 new native tokens on the Cardano blockchain,
IOHK’s groundbreaking blockchain steadily marched from one triumph to another throughout May. Notably, Cardano’s TVL has continued its meteoric upward movement and shows no signs of slowing down as the crypto market progress through the remaining months of the year.
At its peak, SNEK attained an extraordinary market capitalization exceeding $284 million, solidifying its position as the third-largest crypto asset within the Cardano ecosystem. This valuation pushed SNEK to surpass even DJED, Cardano’s native stablecoin, in prominence and market significance.
Charles Hoskinson And The SNEK Project
Beyond merely captivating digital asset traders, SNEK’s popularity has captured the attention of Charles Hoskinson, the founder of Cardano. Eager to unravel the enigma behind the SNEK phenomenon, Hoskinson turned to Twitter to get more insights about the SNEK hype.
The Cardano founder also debunked rumors that he and other members of IOHK are collaborating with SNEK following reports that a potential partnership between the two parties is on the horizon. Meanwhile, the SNEK team is increasing the asset’s liquidity and trading volume by attracting crypto whales to the platform.
As a result, the team developed a smart contract platform to enable cross-chain traders to buy SNEK directly with ETH. Despite the team developing a platform to bridge ETH to SNEK transactions via a smart contract, Dogecoin remains the industry’s leading memecoin going by its blockchain and years of history.
SNEK etched its name in history as the first memecoin rooted in Cardano to be listed in a centralized cryptocurrency exchange, cementing its position as another memecoin sensation. Meanwhile, besides being a Cardano-based native asset, SNEK lacks utility compared to other canine tokens like DOGE and SHIB.
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