One of the biggest assets on the Cardano blockchain, the meme coin SNEK, has witnessed a notable increase this week, increasing in value by more than 20%. SNEK, which is well-known for its snake mascot, saw a price increase on Monday from 0.00227 ADA to 0.00277 ADA.
SNEK’s market capitalization has increased to 203.74 million ADA, or $97.56 million, as a result of this price increase. The token is now the third-largest asset in the Cardano ecosystem, only surpassed by SingularityNET (AGIX) and WorldMobile (WMT).
SNEK bills itself as “the chillest meme coin on Cardano,” and its goals are to reward its holders, advance decentralised finance on the Cardano network, and encourage community development.
The Cardano community has been a major supporter of SNEK in recent years. This backing highlights the coin’s widespread appeal, even drawing Charles Hoskinson’s interest.
https://x.com/snek/status/1793333497727176822
SNEK price outlook
SNEK is becoming more and more well-known, however it isn’t yet listed on significant exchanges like OKX or Binance. One possible explanation for the price’s unrealized trigger might be the lack of listings on these significant exchanges.
The wider meme coin frenzy that is engulfing the cryptocurrency market seems to be the driving force behind the most recent price spike. While animal-themed meme cryptocurrencies have experienced triple-digit growth, SNEK has quietly established itself and seems to be just getting started.
As the SNEK price chart gets closer to a significant resistance level against ADA, it shows a pattern of progressively higher lows, suggesting a bullish trend. Should the present attitude in the market remain, more holders of Cardano tokens would choose to buy in SNEK, perhaps boosting its recent 21.6% increase.
