YEREVAN (CoinChapter.com) — Cardano has officially launched Snek.fun, a memecoin creator platform modeled after Solana’s Pump.fun. The crypto community is eager to see if Snek.fun can drive ADA’s value as Pump.fun boosted Solana’s SOL in two months.
Pump.fun’s Impact on Solana’s Price
Earlier this year, Pump.fun played a key role in boosting Solana’s ecosystem, leading to a 130% rise in SOL’s price over two months. Retail traders actively created more than 500,000 tokens, which generated $100 million in revenue. The chart shared by @deezy_BTC clearly shows the connection between the platform’s launch and Solana’s price growth. Over time, the platform faced slower token creation, while new competitors like SunPump on the Tron network began to emerge, affecting Pump.fun’s long-term momentum.
Snek.fun Launch Faces Initial Technical Hurdles
Following Solana’s lead, Cardano introduced Snek.fun, aiming to boost activity. Within the first ten seconds, over 20,000 users attempted to create tokens, causing the platform’s servers to overload. This resulted in delays and technical issues.
Despite these early challenges, Snek.fun gained traction quickly. Three tokens surpassed a market cap of 1 million ADA within hours, and the team worked to stabilize the platform. This allowed for smoother transactions.
Snek.fun’s Higher Fees and Initial Reactions
Similar to Pump.fun, Snek.fun charges fees for memecoin creation, but at a higher rate—25 ADA (around $8) per token. This is higher than the Solana and Tron alternatives. The question remains whether this will hinder or enhance long-term engagement. Following the platform’s launch, ADA saw a small price boost, briefly crossing $0.33 before settling around $0.3179, down by 7.92% over the past 7 days. Trading volume increased by 3.15%, with a total volume of around $299.5 million in 24 hours. Some market observers noted varied reactions to Snek.fun’s launch. While there was interest in the potential profits, concerns were raised about the technical issues experienced during the initial launch phase.
Snek.fun has positioned itself as a premium memecoin creator on Cardano, charging higher fees compared to those on platforms Pump.fun and SunPump. The platform has also introduced premium tools like Snekbot, a Telegram-based trading bot, to help users track and trade tokens more efficiently. While Snek.fun has seen strong early traction, its long-term success will depend on user engagement and whether or not the team has resolved those early technical issues.
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