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The Snek price rose 7% in the past 24 hours to trade at $0.001487 as of 4:20 a.m. EST, with trading volume plunging 24% to $1.87 million.
The Cardano token’s price has done well over a month, too, surging 37% higher.
Cardano (ADA) founder Charles Hoskinson has talked up the coin in the past, tweeting in November that ”Snek isss within all of usss” and earlier asking in another tweet, ”What the heck is this #Snek thing that people keep tweeting about?”
$SNEK: The Top #Memecoin On The Cardano Blockchain. The Potential For #SNEK Is Massive! 🐍 @SnekCoinADA pic.twitter.com/rtg56cyxnd
— JAKE (@JakeGagain) January 12, 2024
Given the fact that ADA’s and SNEK’s 7-day charts look nearly identical, with the only difference coming in the last 24 hours, when ADA mainly remained flat, and SNEK took off on its own, marking a 9% surge to $0.001515 before correcting to $0.00148.
$SNEK is listed on 8 CEX and more are coming! 💯 Wait till those SNEK/USDT traders start to feel the FOMO! I don’t think they will listen to the recent SEC warnings! 😂 #SNEK to 1bn+ MC is more in play than ever as $ADA keeps moving! 🚀 pic.twitter.com/0BNRp5hTmT
— Qui (@theonlyrealqui) January 10, 2024
Snek Price Prognosis
SNEK has been around for almost a year now, and after the initial post-launch activity, the token was flat throughout 2023. This changed in the past 30 days, following exchange listings and SNEK’s rediscovery by the community.
For the moment, the token finds itself in a position of uncertainty. As per the chart below, the Bollinger bands appear to widen again after a sudden narrowing in the past 24 hours.
Meanwhile, its Relative Strength Index (RSI) score has moved toward the overbought territory, only to suddenly drop as the price increase caused some traders to sell and take profits rapidly.
The token will likely recover in the short term and retest the resistance at $0.00150.
Should its price be rejected again, or if new events negatively impact the market sentiment, chances are that SNEK price will see a further correction, likely to a resistance-turned-support at $0.00140.
However, given the fact that SNEK seems to follow ADA’s performance closely, it is likely that Cardano’s native cryptocurrency will continue to dictate the performance of this, as well as other tokens running on Cardano’s blockchain, just like Bitcoin’s dominance commands the performance of the broader crypto industry.
Promising Alternative To Snek
While SNEK is one of the most promising meme coins and potentially one of the most popular next-gen tokens in this sector, Meme Kombat (MK) emerging as a strong competitor with its innovative new platform designed for gamers and bettors.
The platform organizes meme battles where users can engage in active betting to win rewards in MK.
https://www.youtube.com/watch?v=bN-f42oaNs4
Alternatively, if they are unwilling to risk their tokens through bets, they can always quietly observe while engaging in passive staking.
But, no matter what approach they choose, there are rewards for all users, as Meme Kombat seeks to be inclusive of all community members and reward everyone for their support.
The approach has genuinely resonated with the community, which can be seen from the fact that the token’s presale, which is currently ongoing, has already managed to raise over $6.67 million.
$6.6 million has been passed💫$MK is moving quickly and we are working hard to create a captivating gaming experience👾 pic.twitter.com/JQh2OBWoRU
— Meme Kombat (@Meme_Kombat) January 11, 2024
The token, MK, is selling for $0.279 per unit, and users can obtain it in exchange for ETH or USDT.
Visit Meme Kombat
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