The Cardano blockchain has recently welcomed its first meme coin, Snek (SNEK), which has been making waves in the crypto community. Snek is a token that relies on its hype and community support to grow.
The History of Snek on Cardano
Snek was founded by a distinguished Cardano community member known as $goofycrisp, who also co-founded SundaeSwap, a decentralized exchange (DEX) on Cardano. The token’s presale was initiated on April 28, during which 50% of its total supply of 76.7 billion tokens was distributed to early investors and contributors to the Snek project. Snek attracted considerable interest during the presale, resulting in investors raising 112,000 tokens through 519 transactions.
After the presale, the meme coin was launched on SundaeSwap on May 15, with a starting market cap of $275,000. Snek has experienced a substantial rise in price of more than 425% since its official introduction, increasing its market cap to $61.6 million. On May 29, the cryptocurrency reached a new all-time high of $0.0008 per token, with some viewing that as an achievement for Snek itself and the broader Cardano chain.
Another factor that contributed to Snek’s popularity was the attention it received from Charles Hoskinson, the founder of Cardano. Hoskinson asked, “What the heck is this #Snek thing that people keep tweeting about?” in a tweet on May 11.
What the heck is this #Snek thing that people keep tweeting about?
— Charles Hoskinson (@IOHK_Charles) May 11, 2023
Some interpreted this as Hoskinson-IO backing Snek. He later emphasized, however, that neither IO nor Snek is working together, and he does not own the token.
Snek is Not Just a Memecoin
Snek is not just a meme coin but also a project that aims to support charitable causes and environmental initiatives. According to its website, Snek plans to donate 10% of its profits to various charities and organizations that align with its values. Some of these include The Ocean Cleanup, World Wildlife Fund, and Doctors Without Borders.
Snek’s future plans include launching its own NFT marketplace, where users can buy and sell digital collectibles featuring Snek and other memes. The project also intends to create a Snek DAO (decentralized autonomous organization), where token holders can vote on important decisions and proposals regarding the development and direction of Snek.
