Cardanos Transaction Volume Boosts $SNEK Memecoin with 200% Surge in One Week

Cardanos Transaction Volume Boosts $SNEK Memecoin with 200% Surge in One Week

The price of $SNEK, a meme coin on the Cardano ecosystem, has surged more than 200% in a week, becoming the fourth-largest token on Cardano with a market cap of over $30 million, despite being less than a month old.

In a dramatic surge in the previous week, the price of $SNEK, a meme cryptocurrency rooted in the Cardano (ADA) ($ADA) ecological system, has escalated by greater than 200 percent in a leap that took place predominantly over the weekend, a time traditionally characterized by reduced trading volume.

SNEK is, at the time of publication, currently worth $0.00038 after experiencing a slight decline from a high near $0.0005. The digital currency was earlier this coming week trading t around $0.00015, representing a whole lot of boost in several  days.

With the surge in value, SNEK has evolved the fourth- largest crypto token within the Cardano (ADA) ecological system, with a market cap of around 80 Million ADA, equivalent to over $30 Million. With a gap of merely $2 Million separating it from the third position, SNEK is not far from another whole lot of leap in the rankings.

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Remarkably, the SNEK crypto token is less than a 30 days old. It resurfaced on April 30 in a cryptocurrency market awash with Meme Coin crypto tokens, riding the wave ignited by the popularity of rival meme-inspired digital currency Pepe Coin ($PEPE).

Self-proclaimed as “the chillest meme cryptocurrency on Cardano,” SNEK’s primary aim is to foster community, stimulate the (DeFi) sector within Cardano (ADA), and reward its holders.

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Regardless of the lack of a defined roadmap or headline-making announcements, the success of SNEK in its inaugural 30 days suggests it has found fertile ground within the Cardano (ADA) community.

As CryptoGlobe informed, Cardano (ADA) has seen whole lot of growth in its transaction volume so far in the year, as the network keeps on growing amid what seems to be a resurgent wave of investor interest.

In a newly published analysis by data analytics company IntoTheBlock, Cardano (ADA) was recognized for its robust on-chain performance over recent months. Reports by the analysis company, Cardano’s transaction volume has seen a 205 percent increase year-to-date, amid a steady wave of whale accumulation of ADA that’s been observed. The figure shows over 26 Billion ADA are now transacted daily.

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It’s worth noting that, the total value locked on Cardano’s (DeFi) (DeFi)  ecological system has reached a new milestone after surpassing the 400 Million $ADA milestone for a brief period, to now stand at around 399 Million ADA.

The TVL on Cardano (ADA) has been steadily growing so far in the year. As CryptoGlobe informed in February, at the time, the value locked on Cardano’s Decentralized Finance protocols had doubled from the beginning of the year, to reach the $100 Million mark.

Featured Image via Unsplash


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