In a stunning turn of events, meme coin SNEK has risen to become the second largest asset by capitalization in the Cardano ecosystem, according to TapTools. With a capitalization of 150 million ADA, equivalent to approximately $56 million, SNEK has swiftly taken down several long-established ecosystem tokens. Although the margin is still relatively small, its most recent conquest was the World Mobile Token (WMT).
What sets the SNEK story apart is its remarkable ascent within a span of less than a month. Having emerged on the final day of April, the coin has rapidly positioned itself as the second largest token among Cardano ecosystem tokens, except for ADA.
In this achievement SNEK has even surpassed AGIX, which currently holds the top spot. The SingularityNET token, AGIX, boasts a capitalization of 979.6 million ADA, or $371 million. However, AGIX entered the Cardano ecosystem over a year ago and only made significant strides in the first two months of 2023.
Both SNEK and AGIX share a common factor that propelled their price growth — market-wide narratives. AGIX owes its success to its association with artificial intelligence, while SNEK thrived on the strength of its memetic appeal. This suggests that Cardano projects are often overlooked but hold considerable potential, particularly when aligned with overarching ideas emerging within the cryptocurrency market.
This recent development serves as a reminder for investors and enthusiasts to pay closer attention to Cardano projects. The rapid rise of SNEK and AGIX underscores the untapped potential in the Cardano ecosystem, making it an ecosystem worth monitoring closely.