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The meme cryptocurrency SNEK, one of the largest assets on the Cardano blockchain, has seen a significant surge this week, adding over 20% to its value. The price of SNEK, known for its snake mascot, rose from 0.00227 ADA to 0.00277 ADA since Monday.
This price increase has pushed SNEK's market capitalization to 203.74 million ADA, equivalent to $97.56 million. Currently, the token ranks as the third largest asset in the Cardano ecosystem, trailing only behind WorldMobile (WMT) and SingularityNET (AGIX).
Gamza KhanzadaevSNEK promotes itself as "the chillest meme coin on Cardano," with a mission of fostering community growth, advancing decentralized finance within the Cardano network and rewarding its holders.
In recent years, SNEK has garnered significant support from the Cardano community. This support underscores the coin's popularity, even catching the attention of Charles Hoskinson.
SNEK price outlook
However, despite its growing popularity and substantial market cap, SNEK has yet to be listed on major exchanges like Binance or OKX. The absence of listings on these major exchanges may be seen as an unrealized trigger for the price.
The recent price surge appears to be fueled by the broader meme coin mania sweeping the cryptocurrency market. As meme cryptocurrencies inspired by various animals have seen triple-digit growth, SNEK has stealthily made its presence felt, suggesting that its rise may be just beginning.
The SNEK price chart indicates a pattern of increasingly higher lows, hinting at a bullish trend as it approaches a key resistance level against ADA. If current market sentiment continues, it could drive more Cardano token holders to invest in SNEK, potentially amplifying its recent 21.6% rise.
Alex Dovbnya
Vladislav Sopov
Dan Burgin