Cardano has launched Snek.fun, a memecoin creator platform inspired by Solana’s Pump.fun, which had previously boosted Solana’s SOL price by 130% in two months through the creation of over 500,000 tokens and generating $100 million in revenue. Snek.fun faced initial technical issues due to high user demand, with over 20,000 users attempting to create tokens within the first ten seconds, causing server overloads.
Despite these challenges, Snek.fun quickly gained traction, with three tokens surpassing a market cap of 1 million ADA within hours, and the platform has since stabilized for smoother transactions. The crypto community is now watching to see if Snek.fun can similarly boost ADA’s value.
Snek.fun charges 25 ADA (around $8) per token for memecoin creation, which is higher than the fees on Solana and Tron platforms. It's uncertain whether this higher fee will hinder or enhance long-term engagement.
Cardano (ADA) Price On Technical Chart
Snek.fun has not influenced ADA's price, which has been in a downtrend since March 2024. Cardano has remained bearish, trading below key exponential moving averages. Although the price recently rebounded from a support level of $0.300, it failed to break past the 50-day EMA, indicating continued weakness.
Currently, Cardano is trading at $0.322, with a 2.22% intraday gain and a 24-hour trading volume of $328.95 million. Its market cap stands at $11.58 billion, with a circulating supply of 35.96 billion ADA.
Year-to-date, Cardano has dropped by approximately 45.79%, reflecting a prolonged bearish trend. Over the past three months, it has declined by about 26.32%, and by 7.20% in the last week, highlighting bear dominance.
According to TradingView's technical summary, out of 26 indicators, 14 signal a sell, 10 are neutral, and only 2 suggest a buy, indicating bearish momentum for Cardano.
Conclusion
Despite the launch of Snek.fun, Cardano's ADA has not seen a price boost and remains in a bearish trend. The platform faced initial technical issues but quickly gained traction. However, ADA continues to trade below key exponential moving averages, reflecting ongoing weakness and bearish momentum. The higher fees on Snek.fun compared to Solana and Tron platforms add uncertainty about its long-term impact on ADA's price.
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