[Feature] Cardano’s SNEK Slithers its Way Into the Animal Meme Coin Frenzy

What comes to mind when you think of meme coins? The more notable or popular ones include Dogecoin (DOGE), Big Eyes Coin (BIG), Shiba Inu (SHIB) to Pepe Coin (PEPE). But first, what are meme coins and how are they different from traditional crypto like Bitcoin (BTC) and Ethereum (ETH)?

In recent years, crypto has evolved beyond the traditional concept of digital money, ushering in a new era of experimentation and innovation. Among these novel forms of digital currency, meme coins have emerged as a peculiar and often bewildering category.

Meme coins, as the name suggests, derive their essence from the vast and ever-evolving realm of internet memes. Memes, characterised by their viral nature and often humorous content, have become an integral part of contemporary culture. They are distinguished by their distinct attributes, setting them apart from traditional crypto such as BTC and ETH. While these attributes may vary, several common characteristics can be observed within the meme coin ecosystem. These include community-driven development, viral marketing strategies, limited token supply, and unconventional tokenomics, which often employ mechanisms like token burning or redistribution.

With so many meme coins popping up and many more fading into oblivion, it is not easy to stand out. Enter Snek (SNEK), an explosive meme coin on the Cardano network that recently slithered its way into the animal meme coin kingdom. However, SNEK is not the first-ever meme coin on the Cardano's blockchain (but it is the first meme coin on Cardano to launch with a presale), Hosky (HOSKY) token, a dog-themed meme coin, is.

Originating from the creative mind of $goofycrisp, a dedicated member of the Cardano community, SNEK emerged as a captivating addition to the realm of meme coins. At the heart of this endeavour lies a visionary project aiming to foster inclusivity and empower a community-driven ecosystem, all within the framework of the robust Cardano blockchain.

In a presale event held on 28 April 2023, half of SNEK's total token supply found its way into the hands of early investors and ardent supporters of the SNEK project, resulting in an impressive 112,000 tokens being transacted through 519 distinct transactions. Garnering attention and enthusiasm, SNEK made its debut on Sundaeswap and Minswap, both decentralised exchanges seamlessly integrated into the Cardano blockchain.

The surge in interest surrounding this Cardano-based meme coin can be attributed, at least in part, to the broader frenzy ignited by the recent ascent of PEPE, which has reverberated throughout the meme coin landscape in recent weeks.

CoinEx, a reputable centralised cryptocurrency exchange that has been operating since 2017, also proudly announced its decision to include SNEK in its platform. This strategic move signifies a growing recognition of the value and potential of SNEK within the crypto market. CoinEx has committed to facilitating seamless deposit and withdrawal services for SNEK holders, along with the integration of Automated Market Making (AMM) capabilities. Following that, MEXC Global is another exchange that has also listed SNEK.

Following its highly anticipated launch on 15 May, SNEK experienced an extraordinary surge in price, catapulting its market capitalisation to an impressive $61.6 million. This meteoric rise in value, accompanied by a remarkable attainment of a new all-time high (ATH), has garnered significant attention not only for SNEK but also for the wider Cardano blockchain.

And as of 31 May, its founder tweeted that SNEK has reached $100 market cap. At the time of writing, it is a little over $90 million.

Yevhen Dedotfi, an esteemed Cardano Ecosystem Ambassador, recently took to Twitter to share his astonishment and curiosity surrounding the monumental success of SNEK. In a captivating series of tweets, Dedotfi shed light on SNEK's remarkable achievements and the profound impact it has had on the Cardano ecosystem. Notably, he emphasised SNEK's market capitalisation, which currently stands at an impressive 150 million ADA, equivalent to approximately $56 million at the time of his tweet. This noteworthy feat propelled SNEK ahead of several well-established tokens within the Cardano ecosystem, positioning it as the second-largest asset, trailing only the native ADA token.

And on 17 May, Binance issued a comprehensive manual on purchasing SNEK.

The first burn mechanism was also revealed not long ago and in another tweet, it stated that "$ETH to $SNEK launches next week" so be on your slippery toes!

What does this unprecedented success signify for the Cardano ecosystem? How will SNEK's unique memetic appeal shape the future landscape of crypto? It is imperative to explore the underlying factors that have propelled this meme coin into the limelight, and ponder upon the implications of its association with the broader meme coin phenomenon.