Is Snek from Cardano the next Dogecoin?

The latest memecoin to garner significant attention is Snek (SNEK), and the Cardano (ADA) ecosystem is ablaze with excitement over it.

As of May 24th, SNEK had a market cap of about 75,617,190 ADA ($27 million), and in the last four days, the average HODL has increased by 100%.

$goofycrisp, a member of the Cardano community, MasterofC from the Chilled Kongs Team, and JSHy from founded SNEK.

Over 50% of the more than 76 billion SNEK tokens in circulation were distributed during the initial presale, which took place from April 27 to 28.

Early buyers could buy SNEK for as little as 20 ADA, making them instant billionaires.

SNEK, which distributed tokens for multiple uses, was launched on Cardano DEX Sundaeswap with an initial market valuation of $275,000.

Leading cryptocurrency exchange Binance recently released a buying tip for SNEK, sparking rumours about a potential listing.