Snek retweeted
These memecoins don't care that the markets are suffering.
Several major memecoins have bucked the market trend this week, recording significant gains.
(1) @Snek on @Cardano [+35%]
(2) @OsakaProtocol $OSAK [+26.8%]
(3) @mubarak_cto on @BNBChain [+12.7%]
(4) @Shibtoken's BONE [+9%]
Here is my short thesis on SNEK/ADA price and why I think we are going much higher than before.
Cardano's ecosystem shrunk significantly during the last bear market, which I think we are just coming out of. Many projects did not survive and liquidity dried up across the board.
Paired with supply injections from the Cardano treasury, this increases the amount of ADA in circulation ready to be deployed into only a few key projects.
I firmly believe $SNEK is one of them.
Bull mode has not fully returned yet and SNEK is already up 150% from its bear market bottom, sitting at almost 50% of its previous all-time high (0.0072 ADA/SNEK).
This concentrated demand combined with SNEK's current tokenomics is, in my opinion, a recipe for a significant price move. Less supply from trading fees and token burns, more places to buy, fewer projects to compete with.
SNEK is more distributed and more accessible than ever in a market that is far less spred out, the liquidity has nowhere else to go. I think we have seen nothing yet.
