The post This Changes Memecoins Forever: The Snek Phenomenon appeared first on Coinpedia Fintech News
First, there was Dogecoin. Then came Shiba Inu, Pepe, dogwifhat, Bonk, and other cryptocurrencies. Now, there’s a new meme-inspired coin on the horizon — Snek.
Snek may be relatively new, but it’s already on the rise as the largest token of both market cap and volume in the Cardano cryptocurrency ecosystem. Cardano is the only major crypto ecosystem that has yet to have a memecoin worth $1 billion or more, and Snek is poised to be the first.
If you keep up to date with the crypto industry, you’ve probably seen the revolving door of memecoins that pass through. So what makes Snek different? Its founders refer to it as a “memecoin 2.0” because its ultimate aim is to go beyond what any memecoin has been before. Thus far, its progress is creeping up to this goal.
Snek is currently the fastest-growing community-owned brand in the world. In addition to the cryptocurrency itself, Snek has its product, Snek Energy: a low-calorie energy drink with an appropriately named “Blue Citrusss” flavour. It also offers software products, including a token generator.
Snek is a “deflationary token.” In simpler terms, tokens are removed from circulation over time, which prevents a common problem — as many cryptocurrencies become more popular, they experience inflation that ultimately devalues each coin considerably.
It has a built-in “burn mechanism” that keeps total circulation in check, preserving and increasing value for holders.
In terms of thinking of the future, most holders share a common goal — to get their coins listed on Binance. And thanks to Binance’s recent calls for small to medium projects to include in its listings, Snek has a real opportunity to put its tokens on the path to success.
A Binance listing has the potential to raise Snek’s profile by a considerable amount, introducing it to countless investors all over the world.
However, the cryptocurrency market is fiercely competitive, so even coins with an established user base need a way to stand out. RTB, a Snek contributor, is currently working on an innovative project to capture Binance’s attention.
RTB runs a regular weekly X space called Sneks on Chain. He committed to running a livestream 24/7 until Binance agrees to list Snek.
The stream has already surpassed the world record for the longest X space, and it’s captured the attention of highly reputable people, including billionaire Charles Hoskinson, who has stopped by to chat.
So, what does the future hold for Snek? The livestream has expanded Snek’s community and boosted its profile, but will it capture the attention of Binance? Will it surpass the peak that Dogecoin reached in 2021? No one can say for sure, but the best way to find out is to jump into the community and enjoy the ride.