Snek: The Next Pepe Turning $100 into $1M in 3 Days? Charles Hoskinson Weighs In

• Charles Hoskinson has been promoting the new meme coin Snek on the Cardano blockchain.
• The pre-sale of Snek was a success and it launched with a market cap of $275K.
• PeckShield has flagged some meme coins as scams due to rug pulls.

Charles Hoskinson Promotes Memecoin on Cardano Blockchain

Charles Hoskinson, founder of IOHK and Cardano, has sparked interest in a new memecoin based off the Cardano blockchain called Snek (SNEK). This memecoin is being promoted heavily on Twitter with pictures and gifs of snakes and other reptiles after Charles inquired about it.

Snek Pre-Sale Successful

The pre-sale for Snek was conducted April 27th, 2023 and lasted 6 hours. Users were able to purchase tokens with as little as 20 ADA coins, resulting in over 2,000 ADA sent to the pre-sale address in just a minute after going live. 519 transactions resulted in 112K ADA coins being bought by investors during the pre-sale. After this, Snek launched on SundaeSwap with a market cap of $275K and total supply of 76,715,880,000 token units split 50% to presale investors; 40% dedicated to DEX liquidity; 3%, 2%, and 5% allocated to special utilities; project treasury; and airdrops respectively.

Coinbase Apologizes for Remarks On Pepe Coin

Pepe coin recently caught attention within several crypto forums when it quickly created millionaires within days. Coinbase responded by apologizing for their remarks regarding Pepe coin that caused offense amongst certain people within the community.

PeckShield Flags Certain Meme Coins As Scams

Blockchain security firm PeckShield has flagged several down meme coins as being scams due to „rug pulls“ occurring within last three days from creating these coins.

Conclusion

While meme coins are gaining popularity due their ability to greatly increase in value over short periods of time, there are still risks associated with investing in them such as rug pulling scams that potential investors should be aware of before investing their money into any cryptocurrency investment including memecoins like SNEK or PEPE coin.