Cardano Officially Launches Snek.fun, a Memecoin Creator Platform Modeled After Solana's Pump.fun

The crypto community is eager to see if Snek.fun can drive ADA's value as Pump.fun boosted Solana's SOL in two months.

Cardano recently launched Snek.fun, a memecoin creator platform inspired by Solana’s Pump.fun. The platforms enable users to create their own tokens on specific blockchains, aiming to boost engagement and drive crypto prices.

Pump.fun had a significant impact on Solana’s ecosystem earlier this year, contributing to a 130% surge in SOL’s price over two months. Retail traders created more than 500,000 tokens, generating $100 million in revenue.

As evident in the chart shared by @deezy_btc, the platform’s launch coincided with a period of rapid growth for Solana’s native token. However, the rate of token creation slowed over time, and competitors like SunPump on the Tron network emerged, impacting Pump.fun’s sustained momentum.

Cardano aimed to replicate Solana’s success with Snek.fun, hoping to increase activity on the blockchain. However, the platform encountered technical difficulties upon launch as over 20,000 users attempted to create tokens within the first ten seconds. The high demand led to delays and other issues.

Despite the initial hurdles, several tokens on Snek.fun quickly gained traction, with three tokens surpassing a market cap of 1 million ADA hours after launch. The team worked to stabilize the platform, enabling smoother transactions.

Snek.fun, like Pump.fun, charges a fee for memecoin creation, but at a higher rate of 25 ADA (around $8) per token, which is significantly more than the Solana and Tron alternatives. It remains to be seen how this will affect long-term engagement.

Following the platform’s launch, ADA experienced a slight price increase, briefly crossing the $0.33 threshold before settling around $0.3179, indicating a 7.92% decrease over the past 7 days. Meanwhile, trading volume increased by 3.15%, with a total volume of around $299.5 million in 24 hours.

Some market observers noted mixed reactions to Snek.fun’s launch. While there was interest in the potential for profits, concerns were raised about the technical difficulties encountered during the initial launch phase.

Snek.fun is positioned as a premium memecoin creator on Cardano, offering higher fees compared to Pump.fun and SunPump. The platform also features premium tools like Snekbot, a Telegram-based trading bot that helps users track and trade tokens more efficiently. While Snek.fun has seen strong early traction, its long-term success will depend on user engagement and whether the team has resolved those early technical issues.

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