The first memecoin on the Cardano blockchain has increased in value by over 424% within two weeks of its launch.
Snek (SNEK-USD) has been trading for $0.001 on the chain's Minswap decentralised exchange, up 424% since launching.
Minswap's trading volume jumped from just over $1m ($806,220) at the start of May to $18m on Tuesday.
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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 market cap of $61.6m.
Snek was created by Cardano community member $goofycrisp.
During its presale on 28 April, half of Snek's total supply was sold to early investors and supporters of the Snek project, leading to the sale of 112,000 tokens via 519 transactions.
Tokenomics of @snekcoinada have been designed to be as fair and decentralized as possible early in the process. It's extremely important to do so when you want to start a community project like meme coin
I welcome all new coins cause it's fun and part of the ecosystem 🐍 $SNEK
— $goofycrisp (@goofy_crisp) May 4, 2023
Snek was launched on Sundaeswap and Minswap, decentralised exchanges on the Cardano blockchain.
Part of the interest in the Cardano-based memecoin could be attributed to the wider meme coin frenzy sparked by the rise of Pepe Coin (PEPECOIN-USD) earlier this month.
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%.