Snek memcoin (SNEK)
Tens, if not hundreds of thousands of memcoins, have already been created on the Ethereum and BNB Chain networks, which are the most popular for issuing tokens. However, their creators did not stop at these blockchains and started issuing memcoins in other networks, such as Solana and now Cardano. This article discusses the first SNEK memcoin issued on the Cardano network.
What is Snek?
At first glance, Snek is as typical of a memcoin as Dogecoin, Shiba Inu, Bonk, or Floki Inu. However, its specialty is the presence of a deflationary mechanism that reduces the number of tokens (issuance).
The creators of SNEK aim to make their token the leading cryptocurrency for meme creators worldwide and attract more users to the Cardano ecosystem.
One of the main features of Snek was the presence of a token-burning mechanism, but it is unclear exactly how it works.
The only products of the Snek project currently are a snake-like game called Snek Game, in which users can play and get tokens as a reward, as well as an energy drink store called Snek Energy. A meme generator on the project's website also features the famous snake.
Snek token
SNEK is a token and the first memcoin issued on the Cardano network. Currently, the token has no practical use, and only token trading and staking are available to users.
A total of 76,715,880,000 SNEK tokens have been issued, of which 1,050,339,744 have already been burned. Currently, about 73.2 billion SNEK are circulating in the market. The token does not have as significant an issue as SHIB or BONK, so its price is much higher — $0.001136.
50% of the tokens were distributed to early investors and Snek users. In the presale, the team raised 112,000 ADA. Of the remaining tokens, 805 were allocated to provide initial liquidity on DEX exchanges, 10% to a dedicated utility, 4% to eyedrops, and 6% to meet CEX listing requirements and future project developments.
The SNEK token exchange rate reached its all-time high (ATH) in December 2023 at $0.002246 but has since retreated 49% amid a localized crypto market correction and a general decline in memcoins.
Among the significant crypto exchanges where the SNEK token is traded are Bitget, Gate.io, and BingX. SNEK memcoin can also be bought and sold on decentralized exchanges:
- Minswap,
- DexHunter,
- SundaeSwap.
Does SNEK have prospects?
The first memcoins, Shiba Inu in the Ethereum network and Bonk in Solana, have shown that such assets are becoming the head of their ecosystem. Since SNEK is a pioneer in the Cardano ecosystem, it has every chance to become the leading memcoin and one of the leaders of this segment.
However, let us note the risks of memcoins related to high volatility. Most memcoins, including SNEK, have no value and depend entirely on community support.
SNEK is ranked 389th among all cryptocurrencies and 13th among memcoins in capitalization, which is $82.9 million. Although the token launched less than a year ago, SNEK's capitalization is still relatively small.
For example, the Solana BONK ecosystem memcoin launched about a year ago, but its capitalization already exceeds $873.6 million — more than ten times more than SNEK. However, it's still worth noting that in October, Bonk had a capitalization of just $10 million, and its rapid growth began after the Solana ecosystem skyrocketed. Should the Cardano blockchain start to grow aggressively, the leading memcoins in its ecosystem could also grow rapidly.
Snek is a community-oriented project that doesn't even have a roadmap. This means that the project's development relies almost entirely on the Snek community. In other words, other than being the first memcoin in the Cardano ecosystem, SNEK has no value so far. Most likely, the price of the SNEK token will only go up if the entire memcoin market grows.