- The Snek meme coin team has announced an improved website and more burn mechanisms to unleash the underlying value.
- The new Cardano-based meme coin has a market cap of about $29M and a 24-hour traded volume of around $1 million.
The ultimate growth of the Cardano (ADA) market is heavily dependent on the underlying smart contract projects including Snek (SNEK) meme coin. Moreover, the layer one blockchain with more than. $165 million in total value locked (TVL) is competing with top DeFi chains like Ethereum, Tron, Binance Smart Chain, and Ethereum for the same global markets. As a result, the Cardano DeFi developers have constantly been building throughout the crypto winter in preparation for future bull markets.
Snek (SNEK) Team Announces New July Updates
The Snek team led by Twitter user Rami (@CardanoRami) recently announced the update expected for the Cardano-based meme coin in July. The Snek updates are geared towards spreading the initial message and attracting more traders to its ecosystem.
Furthermore, there are hundreds of meme coins with the same agenda as Dogecoin (DOGE) and Shiba Inu (SHIB). As a result, the SNEK team has been making developments in the ecosystem to attract more crypto traders.
According to an update from Rami on July 4, there are several Snek activities scheduled for this month. On the top list is an energy drink presale, an improved website, an enhanced burn mechanism, more marketing campaigns, and CEX listings, among many more.
Still to come for @snekcoinada in July:
🔹Energy drink presale
🔹Much improved website
🔹Burn Mechanism #4
🔹Burn Mechanism #5
🔹More marketing campaigns
🔹Surprise purchase for brand growth
🔹Ongoing discussions with multiple CEX’s
🔹182,000+ ADA still to buy and burn SNEK— Rami (@CardanoRami) July 4, 2023
The Snek team intends to increase on-chain activities through real-world engagements in a bid to consolidate the community. Moreover, the energy drink presale is designed to be part of the marketing strategy. With a current supply of 76,715,880,000 units of SNEK tokens, an enhanced burn mechanism is intended to help increase the value of existing assets. In this regard, the Snek team intends to purchase more than 182,000 ADA coins to help increase the SNEK burn rate.
As the chillest meme coin on the Cardano network, the Snek team understands CEX listing is crucial to enhancing the overall liquidity. As a result, Rami announced that the team is in discussions with several centralized exchanges to list Snek for trading. Currently, the Snek token is available in several exchanges including Bitrue, BingX, MEXC, CoinEx, and Minswap.
Market Outlook and Price Action
The Snek network has largely consolidated sideways since the beginning of June as more buyers enter the meme coin markets. The short-term fate of SNEK is largely dependent on how the Bitcoin market performs in the coming weeks. Experts believe an altcoin season will materialize in the upcoming months if the Bitcoin dominance drop by a factor of 4-5 percent and its price ranges between $26k and 30k in the near term.
Trading around for $0.00041349 on Wednesday, Snek’s price had dropped approximately 10 percent in the last 24 hours but has gained about 33 percent in the past seven days.
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