Snek (SNEK) is a relatively new memecoin on the Cardano (ADA) blockchain tech that has gained considerable attention in the community.
The coin was established by a prominent member of the Cardano (ADA) community, known as $goofycrisp, as reported by the Cardano (ADA) Times. In the preliminary presale, which took place from 11 P.M. EST on April 27th to 5 A.M EST on April 28th, 50 percent of the total supply of 76,715,880,000 SNEK crypto tokens were distributed to early investors and supporters of the project. The presale generated considerable interest, leading to a raise of 112k ADA via 519 transactions. After the presale, SNEK was launched on the Cardano (ADA) DEX, Sundaeswap, with an initial market capitalization of $275,000.
The remaining 50 percent of the SNEK supply was distributed across four key areas of the ecological system. This included 40 percent for supplying initial liquidity, 5 percent for an as-yet-undisclosed special utility, 2 percent for community event airdrops/giveaways, and 3 percent for CEX listing requirements and future developments or opportunities. It’s worth noting that, the team did not allocate any of the circulating supply for their own compensation, leading numerous in the community to view the launch and allocation of SNEK as being conducted in a fair manner.
Since its launch, SNEK has grown rapidly, boasting over 11,000 holders and a market capitalization of 75,617,190 $ADA as of May 24th. The coin has likewise seen an impressive social media presence, with over a Million tweets mentioning $SNEK shared on Twitter platform during a matter of days. This attention has led to a whole lot of influx of liquidity to the SundaeSwap DEX and a surge in traffic to TapTools, a website for tracking the price performance and trade history of Cardano (ADA) native crypto tokens and Non-Fungible Token (NFT) collections.
The introduction of SNEK has reportedly attracted numerous new users to the Cardano (ADA) ecological system, with newcomers from VeChain, Ethereum (ETH), Solana (SOL) and other blockchain tech platforms choosing to participate with Cardano (ADA) for the 1st time. Furthermore, members of the SNEK community report a sense of increased unity and engagement within the broader Cardano (ADA) community.
As of the most up-to-date data from CoinGecko, the price of SNEK is $0.000e898, with a 24-hour volume of trading of $3,947,081. The total supply of SNEK remains at 76,715,880,000, with 4.16 percent of the total supply pooled. The fully diluted valuation is $30,713,038.
On social media, SNEK has garnered praise for its tokenomics, which include a fair launch, decentralization, large liquidity, a high percentage of pooled supply, and a low market capitalization. The official SNEK Twitter account (@snekcoinada) maintains an active presence and frequently engages with its followers.
As for what’s ahead for $SNEK, the next tweet offers some clues: