A popular memecoin based on the Cardano ($ADA) ecosystem, $SNEK, has outperformed the overall cryptocurrency market, rising more than 56% in the previous week and more than 16% in the last 24 hours.
SNEK is a tiny cryptocurrency in the market, with a trading volume of over $770,000 over the last 24 hours and a fully diluted market value of only $16.8 million, according to current market statistics.
The memecoin, which calls itself the “chilliest meme coin on Cardano,” intends to reward its holders, promote community, and energize Cardano’s decentralized finance industry.
The increase in the price of the cryptocurrency may be attributed to increased demand in response to the low liquidity it has been experiencing, but it’s important to note that the community behind it has been working to expand the SNEK ecosystem over time.
The Cardano ecosystem’s most traded asset, SNEK, has a total value locked at $201.06 million as of this writing, according to the SNEK community. More than $90 million of the money is on the collateralized debt protocol Indigo and in the decentralized exchange Minswap, according to DeFiLlama.
The community that created SNEK has introduced an energy drink, with a 12-pack of cans retailing for $45. Additionally, it worked on a Web3 game that will soon be released. Additionally, it introduced “Last Snek Standing,” a token staking system that rewards stakers who maintain their funds staked until the end of the staking period.
The cryptocurrency community of SNEK has also been working to decrease its current circulating supply of 70.8 billion tokens by implementing seven different burning processes.