$SNEK, a meme coin rooted in the Cardano ($ADA) ecosystem, has surged by more than 200% in a week, as the network’s transaction volume has seen a 205% increase year-to-date.
SNEK is now the fourth-largest token within the Cardano ecosystem, with a market capitalization of around 80 million ADA, equivalent to over $30 million.
The meme coin is less than a month old and has seen significant growth in its community, despite the lack of a defined roadmap or headline-making announcements.
SNEK’s primary aim is to foster community, stimulate the decentralized finance sector within Cardano, and reward its holders.
The surge in SNEK’s price comes as Cardano’s transaction volume has seen a significant increase in recent months.
According to data analytics firm IntoTheBlock, Cardano’s transaction volume has seen a 205% increase year-to-date, amid a steady wave of whale accumulation of ADA.
The figure shows over 26 billion ADA are now transacted daily.
Notably, the total value locked on Cardano’s decentralized finance (DeFi) ecosystem has reached a new milestone after surpassing the 400 million $ADA milestone for a brief period, to now stand at around 399 million ADA.
The TVL on Cardano has been steadily growing so far this year. As CryptoGlobe reported in February, at the time, the value locked on Cardano’s DeFi protocols had doubled from the beginning of the year, to reach the $100 million mark.
The surge in SNEK’s price and Cardano’s transaction volume suggest that the network is gaining traction among investors and developers.