From Underdog to Powerhouse: SNEK, Cardano-Based Memecoin, Drops Sharply in Price

• After hitting all-time highs towards the end of May, the Cardano-based memecoin Snek (SNEK) is looking to recover and top that. 
• According to a recent announcement from Bitrue exchange, the SNEK memecoin will soon be listed on the exchange platform. 

Memecoins have become a major topic of conversation in the altcoin community as they seem to be taking in easy and fast profits. These tokens might not slow down anytime soon as adoption for these assets continue to increase.

For the Snek (SNEK) token, a memecoin that has been gaining a lot of traction in the past months, the bulls have pushed prices up to a new price mark. According to our data, the SNEK memecoin recently hit an all-time high of $0.001521. The historic price level marks an important milestone for SNEK traders and investors alike.

With the altcoin’s price skyrocketing to new levels, it is safe to say that the demand for the memecoin has surged to a certain extent over the past weeks. SNEK bulls have clearly been working overtime, as the new development marks the third consecutive all-time high in the month of May. Prior to hitting these new levels, the asset tapped an all-time high of $0.0005351 on the 26th of May.

At the time of this report, the bears seem to have taken over, as the asset has lost a significant portion of its recently attained gains. The asset has recently fallen from the newly attained price levels, to now trade at a price of $0.0009307. SNEK has lost more than 22% of its price value in the past day. The asset now holds the 2663rd position on the market at report time.

Leading crypto exchange Bitrue is set to list SNEK on its platform

Meanwhile, adoption for SNEK is primed to increase in the long-term. A leading cryptocurrency exchange has revealed that it will be listing the asset on its platform.

This could benefit the declining price of the memecoin. Listing for the memecoin will automatically mean more exposure for the coin and, more users will gain access to Snek once it is live on the exchange. Bitrue has informed its followers that it will list Snek (SNEK) and that trading will open for the SNEK/USDT trading pair at 2023-06-02 10:00 (UTC).Bitrue wrote in an announcement post:

SNEK aims to be the chillest meme coin on Cardano with a fair distributed launch including 0% of the supply set aside to the team and a high circulating supply/low emissions right from the start. With a goal to unite communities across Cardano and onboard new users from outside chains.

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🔥New listing $SNEK is coming to #Bitrue spot trading. @snekcoinada

✅Deposits Open NOW
✅SNEK/USDT pair
✅Trading starts at 10:00 UTC, 2nd June

👉 Details: https://t.co/M2DvEUrTkd pic.twitter.com/asxkaR9zCJ

— Bitrue (@BitrueOfficial) June 1, 2023

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It is worth noting that Bitrue has already enabled deposits for the asset (Cardano Network Supported). At present, traders on the network can already make deposits in advance. The exchange intends to enable withdrawals in approximately 24 hours after trading kicks off.

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