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The cryptocurrency sector sees the launch of Snek.Fun, a new memecoin creation platform on the Cardano network, drawing significant attention and sparking discussions within the community. The platform, which debuted on Thursday, is associated with Snek, a well-known memecoin on Cardano, and has quickly become a focal point for users interested in creating and trading new tokens.
High Demand Challenges Snek.Fun Launch
Snek.Fun launched as a Cardano (ADA) based protocol aimed at simplifying the creation of memecoins. However, the platform’s debut was marked by both enthusiasm and criticism as the surge in user activity put significant strain on its servers. According to the platform's official X account, over 20,000 users attempted to access Snek.Fun within just ten seconds of its launch, leading to server overloads that affected transaction processing.
Due to the influx of traffic, users experienced delays and reported issues with creating tokens on the platform. Some users noted that their transactions did not complete successfully, with neither the memecoins being generated nor funds being refunded promptly, causing dissatisfaction among the early adopters. Criticisms also emerged regarding the apparent lack of stress testing prior to the launch, which could have mitigated these technical challenges.
In response to these issues, Snek.Fun announced that it had made progress in resolving the API overload, with transactions beginning to flow more smoothly. However, the development team acknowledged ongoing efforts to further stabilize the platform and enhance user experience.
Memecoin Surge on Cardano Network
Despite the initial technical setbacks, Snek.Fun has seen notable interest from the community, with several newly created memecoins gaining traction shortly after launch. Within hours of going live, three memecoins generated on Snek.Fun exceeded a market cap of 1 million ADA, equivalent to approximately $326,000. This rapid growth has drawn comparisons to other similar platforms like Pump.Fun and SunPump, which have also contributed to renewed interest in their respective networks.
Snek.Fun operates with a fee structure similar to its counterparts, though with a higher charge. Users are required to pay 25 ADA, or around $8, to deploy a memecoin on the platform, a rate that exceeds the fees charged by Pump.Fun and SunPump. Despite the higher cost, the initial response suggests a strong appetite for memecoin creation on Cardano.
Cardano’s Market Response
The launch of Snek.Fun also had a brief impact on Cardano’s native token, ADA. Following the platform’s debut, ADA experienced a temporary boost, briefly rising above $0.33 before encountering resistance. At the time of writing, ADA is trading at $0.3248, reflecting a slight increase of over 1% in the past 24 hours.
The enthusiasm surrounding Snek.Fun highlights the broader interest in memecoins and their potential impact on blockchain ecosystems. As the platform continues to address its initial technical challenges, the community remains attentive to its development and the broader implications for the Cardano network.
