Cardano blockchain’s deflationary meme coin SNEK has emerged as one of the top performers this week as the market started on Monday, November 18. SNEK flipped the most well-known tokens in terms of its market capitalisation this week.
Most crypto analysts and traders are confident that this meme coin will surge further depending on its recent rally to hit a new all-time high.
On November 18, SNEK was up 32% in the last 24 hours to trade at 0.004018 ADA (approximately $0.003). This made it a 65% increase in its value over the last 7 days leading up to Monday.
This meme coin is ruling the Cardano ecosystem with a market cap of $24.7 million and a trading volume of 32,421 ADA. The recent price rally has further secured the digital asset's position in the blockchain, making it the most valuable Cardano network token
When compared to SNEK, other Cardano-based tokens like WMTX and AGIX are trailing behind despite their significant value.
While AGIX gained 0.3% in the last 24 hours to trade at 0.766492 ADA ($0.584), on November 18, WMTX witnessed a more explosive growth.
The SNEK price rally is part of the ongoing upward trend in the meme coin market along with the crypto market's bullish run. The meme coin community has taken this positively as early holders celebrated the token reaching a new ATH.
Many traders and analysts have said that the strength of the meme coin is in its dedicated community, with the chief strategists of the SNEK project stating that the journey isn't over yet.
“Snek is now the top token on Cardano in terms of total market cap. A lot of blood, sweat, and tears have been put into the project by so many contributors, so this is something to be proud of," said Rami, the chief strategist of the project.
He added that the goal is to put “Cardano on the map” and compete with the “biggest meme coins in the world.”
At press time on November 19, SNEK was down 2.73% in the last 24 hours to trade at $0.002946 while its trading volume declined nearly 40% to touch $3.70 million and the market cap stood at $215.80 million.