{"id":329133,"date":"2023-05-29T10:31:17","date_gmt":"2023-05-29T09:31:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=329133"},"modified":"2023-05-29T10:35:19","modified_gmt":"2023-05-29T09:35:19","slug":"cardano-meme-coin-snek-scales-new-heights-hitting-new-all-time-high","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cardano-meme-coin-snek-scales-new-heights-hitting-new-all-time-high\/","title":{"rendered":"Cardano meme coin SNEK scales new heights &#8211; hitting new all-time high"},"content":{"rendered":"<p>Cardano meme coin SNEK has been garnering a lot of attention from the crypto community lately.<\/p>\n<p>On May 11, InputOutput (IO) CEO <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1656491081536512000\">Charles Hoskinson<\/a> posted a tweet asking, &#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">What the heck is this <\/span><span class=\"r-18u37iz\">#Snek<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> thing that people keep tweeting about?&#8221;<\/span><\/p>\n<p>Some took this to mean a Hoskinson-IO endorsement of SNEK. However, in a more recent tweet, <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1662845810181132290\">he<\/a> clarified that IO and Snek are not collaborating, nor does he own the token.<\/p>\n<p>The comment responded to <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1662845810181132290\">community member<\/a> Fcking_Lemmings, posting about &#8220;huge announcements&#8221; and IO meetings in the next week. Hoskinson's previous tweet also mentioned that there would be no Snek announcement next week.<\/p>\n<p>Following the correction, Fcking_Lemming updated his post to state Snek will be making an announcement next week.<\/p>\n<p>On May 29, the official <a href=\"https:\/\/twitter.com\/snekcoinada\/status\/1663042916388941824\">Snek Twitter<\/a> announced that it had unboring plans in the pipeline &#8211; teasing that these would be &#8216;never seen before' innovative proposals.<\/p>\n<blockquote><p>&#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">We will do thingsss [sic] that have never been done before<\/span>.&#8221;<\/p><\/blockquote>\n<h2>What is SNEK?<\/h2>\n<p>The Snek presale ended on <a href=\"https:\/\/www.binance.com\/en\/feed\/post\/558363\">April 28<\/a>, distributing 50% of the total supply <span class=\"richtext-text css-1iqe90x\" data-bn-type=\"text\">of 76,715,880,000 SNEK tokens to early supporters. <\/span>Shortly after, the token went public via a SundaeSwap listing &#8211; opening with a market cap of $275,000.<\/p>\n<p>Since then, SNEK has posted considerable gains to record a new all-time high of <a href=\"https:\/\/www.coingecko.com\/en\/coins\/snek\">$<span class=\"tw-text-gray-900 dark:tw-text-white tw-font-medium\"><span class=\"no-wrap\" data-price-json=\"{&quot;aed&quot;:0.003050518299124711,&quot;ars&quot;:0.19582562527563607,&quot;aud&quot;:0.0012713823953070707,&quot;bch&quot;:7.14694637551838e-06,&quot;bdt&quot;:0.08917096777523217,&quot;bhd&quot;:0.00031316594443085114,&quot;bmd&quot;:0.0008306833045025495,&quot;bnb&quot;:2.6408024730254743e-06,&quot;brl&quot;:0.004148681627677095,&quot;btc&quot;:2.977325188650999e-08,&quot;cad&quot;:0.0011294111424178452,&quot;chf&quot;:0.0007512998851910674,&quot;clp&quot;:0.6633421528105118,&quot;cny&quot;:0.0058794933609386,&quot;czk&quot;:0.01833442655532804,&quot;dkk&quot;:0.005766551997491838,&quot;dot&quot;:0.0001517230463024126,&quot;eos&quot;:0.0009269760081554391,&quot;eth&quot;:4.37146748232051e-07,&quot;eur&quot;:0.0007741245703488848,&quot;gbp&quot;:0.0006730270894577074,&quot;hkd&quot;:0.006503227703107138,&quot;huf&quot;:0.2879024005035655,&quot;idr&quot;:12.440928417142407,&quot;ils&quot;:0.003091249193594398,&quot;inr&quot;:0.06865148693524148,&quot;jpy&quot;:0.11667504756598794,&quot;krw&quot;:1.0993531993177414,&quot;kwd&quot;:0.0002555630413634276,&quot;lkr&quot;:0.24742638542289563,&quot;ltc&quot;:9.087457460238899e-06,&quot;mmk&quot;:1.746587029734446,&quot;mxn&quot;:0.014619004418780345,&quot;myr&quot;:0.0038273733254954884,&quot;ngn&quot;:0.3832335221157775,&quot;nok&quot;:0.009225670953851784,&quot;nzd&quot;:0.001371679928176013,&quot;php&quot;:0.04661628485139068,&quot;pkr&quot;:0.23713004094308754,&quot;pln&quot;:0.003504652861696265,&quot;rub&quot;:0.06642143868939056,&quot;sar&quot;:0.0031153290412252975,&quot;sek&quot;:0.008986603621549167,&quot;sgd&quot;:0.0011238272892449786,&quot;thb&quot;:0.028841324332328545,&quot;try&quot;:0.01666284254167756,&quot;twd&quot;:0.025443413444577564,&quot;uah&quot;:0.03071713017502444,&quot;usd&quot;:0.0008306833045025495,&quot;vef&quot;:8.317631927984027e-05,&quot;vnd&quot;:19.49503286207284,&quot;xag&quot;:3.5696787155521244e-05,&quot;xau&quot;:4.271456620082559e-07,&quot;xdr&quot;:0.0006213386515183408,&quot;xlm&quot;:0.009306339311710436,&quot;xrp&quot;:0.0017249271178314866,&quot;yfi&quot;:1.2359755103874186e-07,&quot;zar&quot;:0.016337777405763365,&quot;bits&quot;:0.029773251886509988,&quot;link&quot;:0.00012583891419710753,&quot;sats&quot;:2.977325188650999}\" data-target=\"price.price\" data-price-previous=\"0.0008306833045025495\">0.00083068<\/span><\/span><\/a> on the morning of May 29 (BST). This equated to a peak market cap of $63,726,347 &#8211; or an approximate 23,000% increase since the SundaeSwap listing.<\/p>\n<p>The <a href=\"https:\/\/www.snekcoinada.com\/vision\">Snek website<\/a> states the project intends to build a sustainable and inclusive community on the Cardano blockchain and to deliver a &#8220;rewarding experience&#8221; for token holders. Furthermore, the token is marketed as a DeFi token, enabling users to &#8220;thrive and have fun together.&#8221;<\/p>\n<p>The website does not show a roadmap, and no definitive, quantifiable objectives were given in the company's vision statement upon <em>CryptoSlate<\/em> review.<\/p>\n<blockquote><p>&#8220;We think it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to our advantage.&#8221;<\/p><\/blockquote>\n<h2>Cardano meme coins<\/h2>\n<p>Meme coins often face <a href=\"https:\/\/cryptoslate.com\/psyop-memecoin-faces-identity-crisis-amidst-questionable-token-launch\/\">criticism<\/a> due to their perceived lack of utility, inherent value, and highly speculative nature, raising concerns about their long-term sustainability.<\/p>\n<p>On the other hand, advocates <a href=\"https:\/\/cryptoslate.com\/shiba-inu-makes-a-comeback-but-are-meme-coins-sustainable-long-term\/\">posit<\/a> that meme coins increase community engagement, serving as a gateway into the crypto ecosystem that can convert no-coiners into crypto enthusiasts.<\/p>\n<p>According to <a href=\"https:\/\/www.cardanocube.io\/collections\/meme-coins\">Cardano Cube<\/a>, there are 25 Cardano-based meme coins, such as Hosky Token, DGAF, and A SHIB. However, Snek is the first to have made a notable impact regarding its social media presence and price action.<\/p>\n<p>Last week, on May 24, Cardano DeFi's Total Value Locked (TVL) increased to 256% year-to-date from <a href=\"https:\/\/cryptoslate.com\/cardanos-native-defi-protocols-on-tear-tvl-soars-230-in-2023\/\">230%<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano meme coin SNEK has been garnering a lot of attention from the crypto community lately. On May 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, &#8220;What the heck is this #Snek thing that people keep tweeting about?&#8221; Some took this to mean a Hoskinson-IO endorsement of SNEK. However, in a more recent [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":240660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77032],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cardano meme coin SNEK scales new heights - hitting new all-time high<\/title>\n<meta name=\"description\" content=\"Snek is the first Cardano meme coin to make a notable impact - growing 23,000% in market cap since being listed on SundaeSwap several weeks ago.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/cardano-meme-coin-snek-scales-new-heights-hitting-new-all-time-high\/\" \/>\n<meta property=\"og:locale\" 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