Snek Cardano Meme Coin Crashes 50% - Can SNEK Recover or is WSM the Best Crypto to Buy Right Now?

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Meme coins have recently been making a lot of headlines in the altcoin community which is expected, thanks to the huge gains investors have been enjoying. With the growth starting to gain more popularity with each passing day, the interest around stocking up on high-potential memecoins has also been rising.

Snek (SNEK) token, one of the hottest meme coins on Cardano, has been making headlines, but apparently not because of good reasons. After hitting an-time high of $0.001521 recently, the token has dropped drastically in terms of price. It has lost a sizeable chunk of its latest gains at the time of writing, thereby indicating that the bears have taken control of the market. Snek’s value just dropped from the recently gained heights, and it currently trades at $0.000364.

With this sudden drop in SNEK tokens, investors seem to be planning to switch to WSM, which has also managed to shake up the entire crypto sector. Retail investors from the space have seemingly been paying close consideration to the project, thanks to its established social media presence and strong community. This interest in the project also managed to generate over $1.9 million in presales for WSM.

SNEK- Is it a Lucrative Investment Option?

With the increasing popularity of meme coins among crypto enthusiasts, the Cardano network has also set its foot in this space by introducing its new meme coin. Launched on April 26, the brand-new meme coin on the Cardano network got sufficient traction in the crypto space. As per some reports, SNEK facilitated over 250k transactions in a handful of days since its launch. The total supply of SNEK tokens is kept at 76.7 tokens.

Half of its total supply was distributed through the presale, where it was kept open for the public with no prior qualifications. 2% of the total supply will be given via airdrops, and 3% has been kept reserved for CEX listing requirements, expansion opportunities, and large partnerships. The developers of the token want to build a community-driven token that is useful, inclusive, and sustainable for its holders on the Cardano network. There exists a mutually beneficial relationship between the token, the DeFi ecosystem, and its community, where token holders prosper and enjoy themselves.

The adoption rate of these tokens can be determined from the fact that over 100 million SNEK tokens have already been burnt forever. The token has been listed on MinSwap DEX and Bitrue, where it is available for the public to buy. However, the concern lies with the latest big drop in the price of SNEK. At the time of writing, the token has lost more than 45% in the last 24 hours. Over the course of the last seven days, it has dropped by a margin of 75% on its price charts.

The drop has raised signs of concern among its early investors as the token has lost a significant proportion of its value. It shouldn’t be forgotten that meme coins have always been subjected to the criticism of losing their value significantly in a few drops within a handful of days. The same trend follows with the case of SNEK.

Interestingly, the first meme coin on Cardano was Hosky (HOSKY). The token was launched on the network due to the dearth of shitcoins on the Cardano platform. To plug in this, Hosky was launched by the Cardano network. However, as the token was weak in its fundamental value, it didn’t gain much popularity in the space of meme coins.

Should You Invest in $WSM?

Wall Street Memes token is another entrant in the family of meme coins, and its entry has apparently managed to stir up the memecoin market once again. Its presale started in the last week of May 2023, and the token was able to raise more than $4.5 million in less than a week. Though some analysts might say that these tokens would also meet the same fate of losing their value after a period of time, however, there are strong reasons that it might be a profitable investment from the long-term perspective.

Firstly, the token is backed by the community of Wall Street Memes, which enjoys a wide social media presence across leading digital platforms. The people behind these tokens have even taken down a prominent hedge fund over the GameStop stock two years back. Secondly, the popularity of this community can be estimated from the fact that even Elon Musk has acknowledged it multiple times in his tweets.

Further, these tokens are also connected with the successful Ethereum-based NFTs, Wall St Bulls, which has made record-breaking sales in the history of NFT collection. Other reasons behind the success of these tokens include great tokenization, advanced security, and a lot more. Market analysts have predicted that its value will explode after its debut on CEX/DEX.

It is worth mentioning that tokens have been launched with the motto, ‘Greed is good.’ The total supply of these tokens has been kept at 2 billion, out of which half of them are being sold via presale. At the time of writing, the tokens are in the stage of their presale, where users can get them for a price of $0.0277 per token. Its price will increase to $0.028 in its next stage of presale. The hard cap of WSM tokens has been locked at $30,577,000. So far, it has been able to raise over $4.9 million from its investors.

Conclusion

Considering the recent drop of SNEK tokens in the market, it would be apt to observe its performance for a while and then make a decision regarding investing your money in these tokens. There is no doubt that the Cardano-backed tokens can prove to be one of the best meme coins in recent times; however, the need of the hour is to study and analyze the price movements of these tokens and then make any call.

Further, if you want to explore the meme coins market, then Wall Street Memes tokens may prove to be the best way to do that. As these tokens are currently in the stage of their presale, they can be bought for a discounted price and then later be sold for a higher price at the time when they are listed on any exchange. Moreover, the tokens have strong fundamentals and are also backed by a strong community, thereby making them a good investment option right now.

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