The price of SNEK, a memecoin within the Cardano ecosystem, has surged over 200% in the past seven days. Trading at a low of $0.0004 on the previous Monday, SNEK is currently at $0.0017.
A particularly notable increase of 135% was recorded over the weekend, which is interesting considering that market participants were less active, and the market itself was less volatile during that time.
Amidst this price action, SNEK has climbed to the 4th position in the ranking of the largest tokens within the Cardano ecosystem. It currently has a market capitalization of 83.33 million ADA, equivalent to $30.7 million, according to TapTools. SNEK is only $2 million away from the 3rd position.
The achievement of SNEK is even more remarkable when you discover that the token hasn't even been in existence for a month. The project literally emerged on April 30th at the peak of the memecoin craze sparked by Pepe Coin (PEPE).
The fundamental concept behind SNEK, self-proclaimed as the "most exciting memecoin on Cardano," is community-building and the development of decentralized finance within Cardano.
Despite not having a clear roadmap or any significant publicity, considering SNEK's success in just one month, the new memecoin has been warmly embraced by the Cardano community. The viral nature of SNEK has caught the attention of Cardano's creator, Charles Hoskinson, as well.
