Cardano meme coin SNEK’s price had a significant increase over the previous seven days, propelling it to the top trending places in the layer 1 blockchain.
According to the data provided by TapTools, the value of SNEK skyrocketed by a whopping 200%.
At press time, SNEK is exchanging hands at $0.0004163 up by over 10% in the past 24 hours. Despite being just a year old, the meme token is now among the largest in the Cardano ecosystem.
Besides that, it currently has a market capitalization of 83.33 million ADA, the equivalent of $30.7 million. The unprecedented rise especially during the weekend has taken many by surprise given that market players are typically less active and the market itself is less volatile
Snek [SNEK], which describes itself as the “most chill meme coin on Cardano,” made its debut on April 30 on the wave of an unexpected meme season on the crypto market, which was in turn brought on by the Pepe currency [PEPE] explosion.
It was created by Goofy Crisp, who is also a crypto engineer and investor.
But there were no full-blown public announcements or a clear path for the meme token. However, based on SNEK’s month-long performance, the Cardano community seems to harbor positive sentiments toward the new meme coin.
Charles Hoskinson, the creator of Cardano, was also caught off guard by the phenomenon and asked, “What the heck is this Snek thing that people keep tweeting about?”
Moreover, Binance the largest crypto exchange, has recently published a detailed guide on purchasing SNEK.
Cardano Meme Token On Binance?
The news fueled rumors about SNEK’s probable listing on the trading platform inside the cryptocurrency community. The token also acted as one of the catalysts for ADA’s transaction surge.
This was confirmed by Yevhen, a Cardano Ecosystem Ambassador who recently claimed that the buzz around meme coins like Snek has played a crucial role in the increase in transaction volume.
On May 12, the leading PoS blockchain, took a step forward towards scalability as the first mainnet-compatible Hydra node went live,
Sebastian Nagel, the project developer, announced the release of Hydra node version 0.10.0 after successful demonstrations of Hydra heads on the Cardano mainnet during recent review sessions.
Hydra, a layer 2 scalability solution for Cardano, seeks to boost transaction speed by achieving low latency, high throughput, and minimal transaction cost.