Meme coins have been all the rage since they became popular in April 2021, at the height of the previous bull run.
Overall, Dogecoin (DOGE) and Shiba Inu (SHIB) have led the pack, and have been joined in the months that followed by others like AiDoge, Tamadoge and of course, PEPE.
However, 2023 has had its fair share of massively successful memecoins, and the latest contender in the meme coin space is none other than…
$SNEK
That's right. SNEK is the latest object of hype brewing in the Cardano (ADA) ecosystem, and Twitter can't seem to get enough of it.
Meet SNEK, the "chillest memecoin" on Cardano.
SNEK (SNEK) was launched on the Cardano blockchain this year, in May 2023.
The token was founded by a well-known member of the Cardano community, goofycrisp, along with co-founders MasterofC from the Chilled Kongs Team and JSHy, a jpg.store software engineer.
You should know that SNEK has a total supply of 76.7 billion tokens, with 50% of the tokens distributed during its presale launch.
The rest of the SNEK tokens available have been allocated for liquidity, marketing, development and charity.
You can already tell that this memecoin is legit, because of its community-driven approach, and the fact that zero tokens were issued to the founder upon launch.
If nothing, at least SNEK seems less likely to be a rug-pull scam.
The token's name and logo are inspired by the popular internet slang "snek", which is a cute way of saying "snake".
The token's website features a cartoon snake with sunglasses and a tongue sticking out, along with the slogan "In SNEK We Trust".
SNEK has been gaining traction among Cardano enthusiasts and meme coin lovers ever since its launch in May 2023.
The token's price has skyrocketed from $0.000001 at launch to $0.0005 as of writing, breaking through most of its major resistances. That's an insane 352% increase in less than a week!
One of the main factors that boosted SNEK's popularity was the tweet by Charles Hoskinson on May 11, where he asked "What the heck is this #Snek thing that people keep tweeting about??".
This sparked curiosity and interest among his followers and the wider crypto community, leading to more people jumping on the $SNEK train.
Another factor that contributed to SNEK's rally was the trending hashtag #SnekArmy on Twitter, where users posted memes, jokes and praises about SNEK.
As people tend to do whenever a new memecoin hits the market, some users even compared SNEK to DOGE, SHIB and even PEPE, claiming that SNEK is superior and has more potential.
For example, one user tweeted a GIF of SNEK, winning a fight against PEPE.
$SNEK is not the first meme coin to emerge in the crypto space. It isn't even the most popular by any means.
DOGE and SHIB, regardless of how many memecoins they make, will always be two of the most well-known and widely traded meme coins in the market, with market capitalizations of $9.8 billion and $5 billion respectively.
Both coins have also seen massive price surges in 2023, fueled by celebrity endorsements, social media hype and retail investor frenzy.
However, we can admit that SNEK has some advantages over DOGE and SHIB that could make it stand out in the long run.
First of all, SNEK is built on Cardano, which is one of the most advanced and scalable blockchain platforms in the world.
Don't misunderstand, Ethereum is better than Cardano in several ways. However, Cardano boasts low fees and fast transactions (plus smart contract capabilities) that could enable more use cases and innovation for SNEK.
Secondly, SNEK has a more fair and more transparent distribution model than DOGE and SHIB.
DOGE has an unlimited supply and inflationary nature. This means that more DOGE will get released into the market over time, and the price will suffer as a result.
SHIB on the other hand, has a huge supply of 1 quadrillion tokens, with 50% locked in Uniswap and 50% burned by the Ethereum co-founder Vitalik Buterin.
This leaves more than 500 trillion tokens available and directly challenges the memecoin's scarcity.
SNEK, on the other hand, has a fixed supply of 76.7 billion tokens, with no tokens allocated to the founder or team. The token also has a deflationary mechanism that burns 1% of every transaction and reduces the circulating supply over time.
The answer? Anything is possible.
PEPE is another famous meme coin that was launched in 2016 as a tribute to Pepe the Frog, a popular internet character and PEPE has had its day.
SNEK could potentially follow in PEPE's footsteps and become a massive success overnight.
A good look at Twitter trends shows that SNEK already has a loyal fan base that shares SNEK memes every single day.
SNEK could also leverage Cardano's NFT capabilities to create unique and valuable SNEK NFTs that could attract more collectors and investors.
SNEK still has a lot of room for growth and development.
The team behind SNEK has stated that they have some exciting plans for the future. And some of these plans include launching a decentralized exchange (DEX) for SNEK trading, creating a governance system for SNEK holders, donating to animal charities and collaborating with other Cardano projects.
SNEK's price has increased considerably so far. And as of May 25th, its market cap is approximately $40.9 million, or 113 million $ADA.
The memecoin is currently the fifth-largest Cardano-based coin by market cap, according to a Tweet from marcosantiagoNY.
The Cardano enthusiast added that wallets are edging closer to $12,000 and that the average HODL has increased by 100% in just 4 days.
"(SNEK's) market cap is larger than the bottom 5 market caps in the top 25 on Cardano COMBINED," marcosantiagoNY claimed. "We traded more volume in a single day than all Cardano NFTs put together"
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.