Cardano (ADA), one of the largest cryptocurrencies on the blockchain, experienced a significant development this week with the rise of the memecoin Snek (SNEK). SNEK’s value increased by nearly 30%, going from 0.00227 ADA to 0.00277 ADA since May 20.
This rally resulted in a substantial growth in the market capitalization of SNEK, reaching 203.74 million ADA, equivalent to approximately US$97.56 million. Currently, SNEK holds the third position in the Cardano ecosystem, trailing behind WorldMobile (WMT) and SingularityNET (AGIX) cryptocurrencies.
As of now, SNEK is trading at US$0.001308, experiencing a 3.4% increase in the past 24 hours. The cryptocurrency recorded a trading volume of US$1,881,663 during this period. Over the past few weeks, SNEK has seen a notable price surge, appreciating by 33.9% in just 14 days.
The highest price ever paid for Snek (SNEK) was $0.00245, which was recorded two months ago on March 14. Currently, the price is 46.70% away from reaching its all-time peak.
In the cryptocurrency market, where several tokens have gained significant valuations, Cardano (ADA) stands out with noteworthy developments, even with its price ranging between US$0.42 and US$0.50. Recent data from market intelligence platform IntoTheBlock reveals that large investors, referred to as Cardano whales, have increased their holdings by 11% in the past month. These investors, holding between 100 million and 1 billion ADA, now control 6.71% of the total ADA in circulation, indicating a positive outlook for the cryptocurrency’s future.
It is important to note that the views and opinions expressed in this article, including those of the author and any individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
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