In a dramatic surge inย theย previous week, the price of $SNEK, a memeย cryptocurrency rooted in the Cardanoย (ADA) ($ADA) ecologicalย system, has escalated by greaterย than 200 percent in a leap that tookย place predominantly over the weekend, a time traditionally characterized by reduced trading volume.
SNEK is, at the time of publication, currentlyย worth $0.00038 after experiencing a slight decline from a high near $0.0005. The digitalย currency was earlier thisย comingย week trading t around $0.00015, representing a wholeย lotย of boost in severalย days.
With the surge in value, SNEK hasย evolved the fourth- largest cryptoย token within the Cardanoย (ADA) ecologicalย system, with a marketย cap of around 80 Million ADA, equivalent to over $30 Million. With a gap of merely $2 Million separating it from the third position, SNEK is not far from another wholeย lotย of leap in the rankings.
Remarkably, the SNEK cryptoย token is less than a 30ย days old. It resurfaced on April 30 in a cryptocurrencyย market awash with Memeย Coin cryptoย tokens, riding the wave ignited by the popularity of rival meme-inspired digitalย currency Pepe Coin ($PEPE).
Self-proclaimed as โthe chillest memeย cryptocurrency on Cardano,โ SNEKโs primary aim is to foster community, stimulate the (DeFi) sector within Cardanoย (ADA), and reward its holders.
Regardlessย of the lack of a defined roadmap or headline-making announcements, the success of SNEK in its inaugural 30ย days suggests it has found fertile ground within the Cardanoย (ADA) community.
As CryptoGlobe informed, Cardanoย (ADA) has seen wholeย lotย of growth in its transaction volume so far inย theย year, as the network keeps on growing amid what seemsย to be a resurgent wave of investor interest.
In a newly published analysis by data analytics company IntoTheBlock, Cardanoย (ADA) was recognized for its robust on-chain performance overย recentย months. Reportsย by the analysis company, Cardanoโs transaction volume has seen a 205 percent increase year-to-date, amid a steady wave of whale accumulation of ADA thatโs been observed. The figure shows over 26 Billion ADA are now transacted daily.
Itโsย worthย notingย that, theย total value locked on Cardanoโs (DeFi) (DeFi)ย ecologicalย 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 Cardanoย (ADA) has been steadily growing so far inย theย year. As CryptoGlobe informed in February, at the time, the value locked on Cardanoโs Decentralizedย Finance protocolsย had doubled from the beginning of the year, to reach the $100 Million mark.
Featured Image viaย Unsplash
