The Cardano (ADA) ecosystem is abuzz with excitement over Snek (SNEK), the latest memecoin to capture widespread attention.
With a market cap of around 75,617,190 ADA ($27 million) as of May 24th, SNEK is seeing a 100% increase in average HODL in just four days.
SNEK was founded by $goofycrisp, a Cardano community member, along with MasterofC from the Chilled Kongs Team and JSHy from jpg.store.
During its first presale, held from April 27th to April 28th, approximately 50% of the total supply of over 76 billion SNEK tokens were distributed.
Early investors purchased SNEK for as low as 20 ADA, turning them into potential millionaires within hours.
SNEK was listed on Cardano DEX Sundaeswap with an initial market capitalization of $275,000, allocating tokens to various purposes.
Binance, a leading cryptocurrency exchange, recently published a guide on purchasing SNEK, igniting speculation about a possible listing.