The cryptocurrency that grew by 23,000% in just a month is named

Cryptocurrency Snek, the first meme token on the Cardano blockchain, has unexpectedly attracted interest from market players. According to analytical trackers, the asset’s market capitalization has increased by 23,000% in just a month.

According to CoinGecko, the cryptocurrency is currently worth $ 0.0010 with a market capitalization of $ 79.5 million and daily trading volume of $ 6 million. Over the past 24 hours, the growth has been almost 33.5%.

Many crypto enthusiasts are discussing who drew the community’s attention to the little-known meme token. It turned out that on May 11, InputOutput CEO and Cardano founder Charles Hoskinson posted a tweet asking: «What the heck is this #Snek that people keep tweeting about?»

What the heck is this #Snek thing that people keep tweeting about?

— Charles Hoskinson (@IOHK_Charles) May 11, 2023

Many users took Hoskinson’s tweet as an endorsement of the meme token. After Cardano’s father’s remark, traders rushed to buy SNEK. However, the entrepreneur later explained that InputOutput and the cryptocurrency creators do not cooperate, and he does not own the meme crypto asset.

Subsequently, the developers of the Snek cryptocurrency announced that they had numerous plans to promote the project. They promised that these would be «never-before-seen innovative offerings.»

Snek’s official website states that the project «intends to build a sustainable and inclusive community on the Cardano blockchain, as well as provide a rewarding experience for token holders. In addition, it is designed to help users of the decentralized finance (DeFi) sector «thrive and have fun together.»

The Snek pre-sale ended on April 28, 2023. Soon after, the token successfully completed the listing procedure on SundaeSwap, starting with a market capitalization of $ 275 thousand.

This is not the first time in the last month that meme tokens have attracted the attention of the crypto community. Recently, Elon Musk popularized Milady Meme Coin (LADYS) with a tweet, and the asset immediately soared in price by 12,000%. It is interesting that Musk contributed to the increase in the price of LADYS at the same time as Hoskinson did for SNEK — on May 11. Later, the LADYS price plummeted, so the crypto community is waiting to see what behavior SNEK will demonstrate.