SNEK is a deflationary memecoin that was launched on Cardano, a decentralized proof of stake (PoS) blockchain in April 2023. ^[1][2]

Overview

SNEK is a community-driven project with no pre-mine or team allocation. Founded by Cardano community member goofycrisp^[8], SNEK is the largest token on Cardano based on trading volume, indicating a substantial presence within the ecosystem. It contributes to the overall accessibility and engagement in the crypto space, rooted in internet culture and supported by an active online community. SNEK serves as a factor in facilitating web3 onboarding. ^[2]

The project's objective is to align with the popularity of meme-based cryptocurrencies such as Pepe, Bonk, Shiba Inu, and Dogecoin, intending to establish itself among the leading meme-based cryptocurrencies. The SNEK community aims to explore the potential of memecoins within and beyond the Cardano ecosystem, with a vision for SNEK to become a recognized currency for meme creators globally. ^[1][2]

In May 2023, SNEK caught the attention of Cardano founder, Charles Hoskinson. Hoskinson took to X to ask about Snek following its growing popularity in the Cardano community. ^[7]

“What the heck is this Snek thing that people keep tweeting about?” - Hoskinson tweeted^[5]

Several Cardano enthusiasts did not give Hoskinson a direct response. Instead, they shared pictures and gifs of snakes and other reptiles. ^[7]

Snek Game

On December 29, 2023, the SNEK team launched the Snek Game. The game was developed in partnership with Paima, Vacuum Labs, and Anvil and inspired by the famous snake game on Nokia phones. ^[9][11]

To participate in the game, users are required to deposit $ADA and exchange it for game credits. The game was launched on desktop only and the mobile version could be released in 2024. ^[9][10]

Tokenomics

The total SNEK supply is 76,715,880,000 tokens. Participants in the presale shared 50% of the token supply proportionate to the amount of ADA they provided. Presale took place on April 27, 2023, and was open to the public with no prior qualifications. 40% was allocated to DEX initial tokens deposit along with all the presale proceeds. 2% was allocated to Airdrops, 5% to Utility such as farming, partnerships, project development, etc. Finally, 3% was allocated to the Reserve. ^[2]

As a deflationary memecoin, SNEK features multiple burning mechanisms in which some tokens are removed from circulation at regular intervals, increasing buying pressure and sustainably decreasing supply. ^[6]

Partners

• SNEK Energy^[3]
• Anvil^[4]
• DexHunter^[5]

Branding Upgrade

On February 5, 2024, the creator of Snek, Goofycrisp introduced an upgrade to the branding for Snek, its ecosystem, and the $SNEK token. ^[12]

"In order to continue to grow as community, as a token, and as a project, $Snek needed a brand identity suited to its ambitions while maintaining its historical relevance (the $SNEK token) Something that will represent Snek's values : Community, Innovation, Fun, Creativity" - Goofycrisp tweeted. ^[12]

The brand upgrade included a new SNEK icon, a change in the website typography, and an overall interface revamp. ^[12][2]