The price of $SNEK, a well-known memecoin on the Cardano ($ADA) platform, has increased by more than 56% in the past week and by over 16% in the last 24 hours, surpassing the overall cryptocurrency market performance.
Based on market data, SNEK had a trading volume of over $770,000 in the last 24 hours and a fully diluted market value of just $16.8 million, making it a relatively small cryptocurrency. This memecoin, which describes itself as the “chillest meme coin on Cardano,” has goals like building a community, supporting decentralized finance on Cardano, and providing rewards to its holders.
Growing Demand and Community Development Boost SNEK’s Price
The recent price increase in this cryptocurrency may be due to increasing demand, despite its limited liquidity. It’s important to mention that the SNEK community has been actively working on developing the SNEK ecosystem.
The SNEK community highlights that SNEK is the most actively traded asset within the Cardano ecosystem, which currently has a total value of $196.6 million locked in it. Specifically, over $90 million of these funds are in the decentralized exchange Minswap and the collateralized debt protocol Indigo, according to DeFiLlama.
Top Tokensss By Volume – All time ✊$SNEK 🐍 pic.twitter.com/zQaZidA0PL
— Snek 🐍 (@snekcoinada) October 27, 2023
SNEK Community Initiatives and Token Burning
The SNEK community has been busy with several projects, including the launch of an energy drink available in a 12-pack for $45. They’ve also been working on a web3 game set to be released soon and introduced a staking system called “Last Snek Standing” for token holders. This staking system rewards those who keep their tokens staked until the staking period ends.
Additionally, the SNEK community is implementing seven different methods to reduce the current circulating supply of 70.8 billion tokens. These methods include a token bridge, a staking pool, rewards from liquidity provider trading fees, lending, and an ADA raffle system, among others.
The rise in SNEK’s price coincides with Weiss Ratings endorsing Cardano as a valuable addition to any cryptocurrency portfolio during a bullish market. Weiss Ratings is a long-established US-based company providing analytical research on various investment options, including cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
