The memecoin frenzy has a new home on the Cardano network with the launch of Snek.Fun, a much-anticipated memecoin creator. Debuting late Thursday, Snek.Fun immediately pulled in a flood of users, eager to ride the wave of memecoins. However, this overwhelming response tested the limits of the Cardano-based protocol, which struggled to keep up with the surge in demand.
Snek.Fun – The New Frontier For Cardano Memecoins
Snek.Fun is the latest project affiliated with Snek, Cardano’s most popular memecoin, which has gained significant attention since its debut in April 2023. Snek has helped bring attention to the Cardano ecosystem, and now, Snek.Fun looks to capitalize on that momentum by offering users the ability to create their own memecoins on the blockchain.
The excitement was palpable as users flocked to Snek.Fun within hours of its launch, eager to mint new tokens. The protocol’s official X account reported that over 20,000 users flooded the platform in just 10 seconds, pushing its infrastructure to the brink.
Overloaded Servers and Frustrated Users
The enormous influx of traffic had an immediate impact on Snek.Fun’s performance. Users began reporting that the platform was slow to process transactions, with some even complaining that their memecoin creations failed entirely. According to reports, several users who attempted to create tokens neither received their newly minted assets nor a refund, leaving them frustrated.
Criticism quickly followed, with some users accusing the developers of failing to adequately stress-test the platform before launching. The team behind Snek.Fun acknowledged the issues, posting updates on social media to assure users they were working to resolve the situation.
Hours later, Snek.Fun announced it had addressed some of the platform’s technical challenges. While the overloaded APIs were being stabilized, the team emphasized that further improvements were still in progress.
Despite the initial technical difficulties, memecoins launched on Snek.Fun began to gain serious traction. Within hours of the debut, three tokens created on the platform had surpassed a market capitalization of 1 million ADA, equivalent to about $326,000. This kind of rapid growth mirrors the success seen in previous memecoin crazes, such as the SunPump on the Tron network, which generated over $585,000 in fees within 24 hours.
Snek.Fun offers a similar model to other memecoin creators like Pump.Fun and SunPump, but with a higher cost to deploy tokens. Users must pay 25 ADA (about $8) to mint a memecoin on the platform, a fee slightly above what its counterparts charge. However, this hasn’t deterred eager users from flocking to the platform.
Cardano’s ADA Sees a Temporary Boost
The excitement surrounding Snek.Fun also had a ripple effect on Cardano’s native token, ADA. As users rushed to participate in the memecoin frenzy, ADA briefly spiked above $0.33 before facing resistance. At the time of writing, ADA was trading at $0.3248, marking a 1% increase in the past 24 hours.
Also Read: Cardano Surges 217% Amid Market Volatility – Outperforms Bitcoin And Top 18 Cryptos
The launch of Snek.Fun marks another chapter in the ever-evolving world of memecoins, and Cardano could be the next blockchain to experience a full-fledged memecoin craze. If the platform can overcome its early technical issues, it might just become the go-to launchpad for meme tokens in the Cardano ecosystem.
Snek.Fun’s debut on the Cardano network highlights both the excitement and challenges that come with launching new platforms in the rapidly evolving crypto space. While the initial influx of users led to technical difficulties, the enthusiasm surrounding the project shows the potential for memecoins to thrive within the Cardano ecosystem. The next few weeks will be critical as Snek.Fun works to stabilize its platform and capitalize on the memecoin frenzy.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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