The price of SNEK, the meme coin in the Cardano ecosystem, has risen more than 200% in the last seven days. Trading as low as $0.0004 per coin last Monday, SNEK is now quoted at $0.0017. The especially significant jump of 135% was made on the weekend, which is interesting, considering that at this time market participants are less active and the market itself is less volatile.
Amid this price action, SNEK climbed to number four in the rankings of the largest tokens in the Cardano ecosystem. It currently has a market capitalization of 83.33 million ADA, the equivalent of $30.7 million, according to TapTools. SNEK is only $2 million away from third place.
The results of SNEK are even more striking when you find out that the token is not even a month old. The project appeared literally on April 30 on the wave of a sudden meme season on the crypto market, caused in turn by the Pepe Coin (PEPE) phenomenon.
The basic idea behind SNEK, which calls itself "the chillest meme coin on Cardano," is to build community, develop the decentralized finance sector in Cardano and reward holders. Despite the absence of any clear roadmap or loud announcements, judging by the success of SNEK in one month, the new meme coin was well received the Cardano community. The virality of SNEK has not gone unnoticed even by Cardano's creator, Charles Hoskinson.