- MinSwap DEX is currently the largest liquidity provider for SNEK tokens, with SNEK/ADA trading pair reporting a 24-hour trading volume of about $8.7 million.
- Already, about 4.3 million SNEK tokens have been burnt, with a listing on MEXC Global scheduled on May 31.
The meteoric growth of meme coins led by Pepe (PEPE) in the past few months has inspired a ton of other coins and the Cardano network has not been left behind. Created on April 26, the Cardano (ADA) network has a new meme coin called Snek (SNEK) rising in popularity.
According to on-chain data, the SNEK meme coin has facilitated more than 253,992 transaction counts since inception. With a total supply of 76,715,880,000 SNEKs, the underlying value of the meme coin is speculated to rally higher fueled by the Cardano community.
Interestingly, the SNEK token has rallied more than 300 percent in the past week to set a new ATH around $0.0011983. According to our latest crypto price oracles, the SNEK token had gained as much as 42 percent in the past 24 hours to trade around $0.00108630 on Tuesday.
MinSwap, a Cardano-based decentralized exchange with a total value locked (TVL) of about $65.14 million, is currently the largest liquidity provider for SNEK tokens with the SNEK/ADA trading pair reporting a 24-hour trading volume of about $8.7 million.
Additionally, SNEK tokens can be traded on include WingRiders and Muesliswap. Following the enhanced liquidity for SNEK tokens, its fully diluted valuation scaled to about $86.8 million on Tuesday.
SNEK Token Market Outlook
The Cardano ecosystem is a top-ranked smart contract ecosystem with deep liquidity from most crypto exchanges. According to the latest market data, Cardano has a total traded volume of about $219 million and an FDV of approximately $16.9 billion. With SNEK meme coin tapping on ADA for liquidity, traders are assured of low risk.
Notably, the SNEK market dynamics are expected to change significantly once the team begins listing the meme coin on top-rated CEX like Binance. The SNEK team noted that MEXC Global will be the first centralized exchange to list it, which is scheduled on May 31.
The @snekcoinada Kickstarter is coming to @MEXC_Global!
🗳️Vote with $MX to support the $SNEK listing and sharing 116,275,000 $SNEK airdrops
⏰Voting period: 09:00 May 30 – 08:50 May 31 (UTC)
📈Trading: 12:00 May 31 (UTC)Details: https://t.co/r6J0m2rnEZ pic.twitter.com/cR4T1I3f2X
— MEXC Global (@MEXC_Global) May 30, 2023
Centralized exchange listings are crucial for crypto token adoption as most mainstream users have access to traditional CEX platforms like Binance. Moreover, Pepe coin rallied to its ATH immediately after Binance announced its listing on the innovation hub.
Exchangesss are reaching out to $SNEK to list us 🤯
We have the 2 thingsss they all want:
• Volume
• Community pic.twitter.com/72xDHgTLE5
— Snek 🐍 (@snekcoinada) May 30, 2023
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According to SNEK creator on Twitter $goofycrisp (@goofy_crisp), the meme coin is slated to have its blast in the coming months based on a vibrant community well incentivized from the beginning. Notably, the SNEK team has laid out a lot of emphasis on the need to have a symbiotic relationship with the holders to ensure the long-term prosperity of the meme coin.
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