- SNEK surges by 26 percent to record a new all-time high.
- It has surged by 336 percent since its launch signaling great long-term potential.
SNEK emerged into the crypto scene on May 15 and has since then recorded a huge following as it seeks to rub shoulders with Dogecoin and Shiba Inu. In a recent tweet by the founder of Crypto Capital Venture, a big fan of Cardano and crypto YouTuber Dan Gambardello, he disclosed that the meme coin has recorded a new all-time high price after surging by 26 percent in the last 24 hours to trade at $0.0005351. Even though it is still in its first month, SNEK set all-time highs.
Congrats $snek holders, on the new all-time high. This is big, not just for the project, but for #Cardano.
The asset staged a weekly 200 percent surge earlier this week before losing some of its gains but still holding onto a 121 percent weekly gain. It has so far recorded about a 336 percent surge since its launch.
Its popularity in the Cardano ecosystem caught the attention of Cardano’s Charles Hoskinson who made an unusual tweet about the meme coin.
Hoskinson tweeted:
What the heck is this Snek thing that people keep tweeting about?
While this was noted as a genuine gesture by a section of the Cardano community, others suspected it to be a promotional tweet. It is important to note that the first meme coin on Cardano is Hosky (HOSKY). Hosky was created to make up for the lack of shitcoins on the network. However, it lacks the fundamental value of most meme coins.
SNEK expected to follow in the footsteps of Shiba Inu and Dogecoin
Over the years, Shiba Inu and Dogecoin, known to be the most popular meme coins, are changing the narratives with interesting technological upgrades. Shiba Inu is working on its biggest upgrade, the Shibarium, and is expected to be launched on the mainnet this year. In addition, Shiba Inu is working on another project called “SHIB, the metaverse.” Dogecoin has also been tipped to be one of the main currencies on Twitter 2.0.
In the first quarter of this year, Michi Lumin, a Dogecoin core developer tweeted the release of “lib-dogecoin 0.1.2” and disclosed the roll-up of the interim 0.1.1 dev release.
These developments set SHIB and Doge apart from other meme coins. It is, therefore, expected that SNEK will follow this path in the future.
Meme coins have been massively accepted by crypto investors for their potential to surge by a significant margin in a week. However, others think they are too risky.
Lim Yu Qian of CoinGecko spoke on meme coins:
Meme coins are a very risky type of crypto because they are based on Internet cultural references. The price movement depends on whether the meme coins can stay relevant by driving hype.
Thomas Kralow, the founder of University Grade Trading Education also cautioned that meme coins have nothing to support their prices other than hype. According to him, meme coins remind him of a quote from popular mathematician Isaac Newton:
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I can calculate the motion of heavenly bodies but not the madness of people.
Regardless, the space is expected to grow in the future as real-world use cases are becoming a focus.
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