SNEK, the new memecoin shaking up the Cardano universe

Snek (SNEK) is a memecoin that was recently launched on the Cardano blockchain. Typically, Charles Hoskinson posts about the latest developments in the Cardano ecosystem. However, lately, the founder of Cardano tweeted about the new memecoin. The community didn’t miss the sudden interest of the founder in SNEK, especially at a time when memecoins are all the rage.

Hoskinson succumbs to the memecoin frenzy!

While Cardano DeFi activity is soaring, the SNEK token has caught the attention of Charles Hoskinson. Strangely enough, he’s trying to understand what it’s all about. The founder of the Cardano network, which has fewer memecoins than its rival Ethereum, has noticed the popularity of the new memecoin. The Cardano community has been actively responding to Hoskinson’s concern with various replies.

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

— Charles Hoskinson (@IOHK_Charles) May 11, 2023

Some community members have responded to Hoskinson with snake GIFs. One Twitter user preferred to share a meme in response. According to this user, the founder is “holding onto Cardano meme coin season.” Another user stated, “Memecoin season is upon us, and this time Cardano has delivered with SNEK.”

It’s worth noting that the very first memecoin on Cardano is Hosky (HOSKY). The token was created due to the lack of shitcoins on the network. The network’s team considered such a need as a gap to be filled. That being said, the HOSKY token lacks fundamental value, which is typical for memecoins.

Memecoins are once again in the spotlight for investors. Recent information indicates that it’s memecoin season. The surge in this type of crypto was observed after the PEPE token, themed around a frog, gained prominence. The asset managed to enter the top 100 cryptocurrencies in terms of market capitalization. This memecoin, launched in April, quickly skyrocketed from a market cap of $50,000 to over $600 million. The AIDOGE token, launched around the same time as PEPE, also experienced a rapid and spectacular increase. The memecoin launched on the Arbitrum blockchain managed to increase its initial valuation by a hundredfold.