SNEK Slithers Into Cardano: Can Crypto Meme Coins Compete?

• SNEK is a meme coin launched on the Cardano blockchain that has broken trading volume records and is rallying the Cardano community.
• SNEK aims to create a symbiotic relationship between holders and provide a rewarding experience for all involved.
• The explosive growth of SNEK has attracted attention to the Cardano ecosystem, boosting MinSwap trading volume tenfold and attracting more users to the network.

What Is SNEK?

SNEK is a crypto meme coin launched on the Cardano blockchain that aims to provide a rewarding experience for holders and create a symbiotic relationship where everyone can thrive and have fun together. It has a total supply of 76,715,880,000 tokens with initial circulating supply distributed in 50% presale contributors, 40% initial liquidity on Minswap, 5% partnerships and project development, 3% crypto exchange listings and 2% community airdrops.

What Does SNEK Mean For DeFi On Cardano (ADA)?

The explosive growth of SNEK has attracted plenty of attention to the Cardano ecosystem. Compared to other Layer-1 networks, Cardano’s limited range of DeFi applications, low on-chain trading volume and TVL have been criticized; however after launching in early May 2021, SNEK has boosted MinSwap trading volume tenfold and attract more users to the network.

Charles Hoskinson And SNEK

Cardano founder Charles Hoskinson tweeted his support for the crypto meme coin in April 2021: “I’m hoping #SNEK will help bring some much needed attention to ADA! I wish them every success!” This endorsement from one of the most influential figures in cryptocurrency gave an additional boost to its popularity within the community.

The Ethereum (ETH) To SNEK Cardano Bridge

In May 2021 an Ethereum-to-SNEK bridge was launched by Emurgo (the commercial arm of Cardano). This allowed users holding ETH or ERC-20 tokens like DOGECOIN (DOGE) or SHIBALA (SHIB) to swap them directly into their SNEK wallets without needing an intermediary currency such as Bitcoin (BTC). The bridge also provides opportunities for DeFi projects built using Ethereum smart contracts to be ported over onto Cardano’s platform.

SNEK Gets Listed On A Crypto Exchange

In June 2021 SushiSwap listed its first ever native token – SUSHI/SNKE – enabling users to trade different pairs against each other including ETH/SNKE and DAI/SNKE pairs with zero fees. This listing opened up new possibilities for traders as well as providing another way for investors outside of DeFi platforms like Uniswap or Sushiswap access into this fast growing asset class.

SNEk vs Other Cryptocurrency Meme Coins

While other popular cryptocurrency meme coins such as PEPECASH (PEPECASH), Shiba Inu (SHIB), DogeCoin (DOGE), all reached their peak prices quite quickly they have since declined significantly while still remaining highly liquid assets compared with many others in the space. However due it’s recent launch date it is yet too soon too tell how successful or attractive long term investment decisions involving this asset could be compared with those aforementioned alternatives