Within two weeks of its launch, the first memecoin on the Cardano blockchain saw a value increase of over 424%. On the chain’s decentralised exchange Minswap, Snek (SNEK-USD) is currently trading for $0.001, up 424% since going live.
Trading volume on Minswap increased from just over $1 million ($806,220) at the beginning of May to $18 million on Tuesday. Minswap is the largest onchain application on cardano by locked value, holding 37% of over $175m worth of tokens held on the blockchain.
Cardano (ADA-USD) rose by 2.5% to $0.38 on Tuesday. Snek has surged over the past two weeks, reaching an all-time high of $0.001 and in addition , market cap of $61.6m. Cardano community member $goofycrisp created Snek.
During its presale on 28 April, early investors and supporters of the Snek project purchased half of Snek’s total supply. This resulting in the sale of 112,000 tokens through 519 transactions. The team launched Snek on Sundaeswap and Minswap, both of which operate as decentralised exchanges on the Cardano blockchain.
The rise of Pepe Coin (PEPECOIN-USD) earlier this month sparked a wider meme coin frenzy, which could have contributed to the interest in the Cardano-based memecoin.. Pepe Coin, experienced a 900% increase in value within two days of its debut, with its market capitalisation rising to nearly $100m in a week.
IT achieved $30m in trading volumes on the Ethereum-based Uniswap decentralised exchange within two days of its launch.
However, since its all-time high of $0.0000042 on 5 May, the memecoin has since fallen to $0.0000013, a decline of approximately 62%.
