The price performance of memecoins largely depends on hype created around the project. Such crypto projects often lack fundamental values and therefore receive a lot of criticism from crypto purists. Every blockchain has its own ecosystem of memecoins and within the Cardano (ADA) network, Snek (SNEK) is seen as the number one in that regard. At the end of May, SNEK managed to turn the spotlights on itself by rising very fast, but now there is little left of the hype at the time. The project now has promising plans to perhaps create a wave.
Cardano memecoin
SNEK was launched on May 15 and, according to its official website a vision to be ”a sustainable and inclusive communitypowered token on the Cardano blockchain, providing a rewarding experience for token holders.”
Early investors have experienced an unprecedented surge that peaked in early June. Since then, however, it has also fallen just as hard, which illustrates the risk of this type of project very well.
Busy month for SNEK
A member of the development team shared plans for the coming month in a tweet on July 4, trying to revive some of the hype created earlier.
Still to come for @snekcoinada in july:
🔹 Energy drink presale
🔹Much improved site
🔹Burn Mechanism #4
🔹Burn Mechanism #5
🔹More marketing campaigns
🔹 Surprise purchase for brand growth
🔹Ongoing discussions with multiple CEXs
🔹182,000+ ADA still to buy and burn SNEK— Rami (@CardanoRami) July 4, 2023
First of all, there will be two burning mechanisms will be launched this month and on top of that a total of 182,000 ADA will be bought to burn SNEK. Burning crypto literally means that it is ‘destroyed’, or taken out of circulation. This deflationary strategy aims to increase the scarcity and value of the tokens.
Another special announcement is the launch of Snek Energy, an energy drink for people in the United States. The pre-sale is now started and it says will offer exclusive benefits as well as SNEK airdrops on any future sale.
In addition, the website will be improved and the number of marketing campaigns will be expanded. To take the growth of the project to the next level, it is also actively seeking listings on centralized crypto exchanges. This would make the project a lot more accessible to crypto investors.