Cardano's largest meme coin by market share, SNEK, has entered a strategic partnership with Input Output Hong Kong (IOHK) to enhance utility and engagement across the Cardano blockchain. SNEK currently accounts for 16% of Cardano’s trading volume and is held by over 40,000 users. It integrates with more than 60 decentralized applications (DApps) on the network, underscoring its strong presence within the ecosystem.
This collaboration aims to support Cardano's decentralized, community-driven values and encourage broader adoption of DApps integrating SNEK. Following the announcement, SNEK's price increased by over 6%, reaching approximately $0.002744, with a market capitalization nearing $200 million, positioning it among the top 15 meme coins globally.
Meanwhile, Cardano’s native token ADA has faced downward pressure, declining nearly 2% amid reduced network transaction activity, which dipped below 35,000 daily transactions. This drop coincided with the SEC’s decision to delay approval of a spot ETF for Cardano, contributing to price pressure on ADA despite the positive sentiment towards SNEK.
The partnership also aligns with Cardano’s ongoing technical improvements, such as introducing reference functions that enable advanced data controls, allowing developers to create more flexible and sophisticated DApps. These innovations are expected to improve the developer experience and foster richer decentralized application ecosystems.
Cardano’s founder Charles Hoskinson highlighted the alignment between IOHK and SNEK in promoting community-led innovation and decentralization. The collaboration is anticipated to reinvigorate network activity, stimulate long-term ecosystem growth, and reinforce Cardano’s mission to strengthen its blockchain via grassroots projects and real-world utility.