Input Output partners with $SNEK, Cardano’s top meme coin, to drive innovation and community growth, boosting the ecosystem’s potential.
Input Output Hong Kong (IOHK), the developer of Cardano, has announced a strategic partnership with SNEK, a prominent Cardano-based meme coin, to strengthen the Cardano ecosystem, which is navigating challenges from a delayed ETF decision.
Input Output Partners with SNEK to Boost Cardano Ecosystem
IOHK has formalized a collaboration with SNEK, as outlined in a press release, aiming to benefit both parties mutually. While not explicitly detailed, IOHK may tap into SNEK’s engaged community to increase Cardano network activity while supporting SNEK’s pursuit of practical utility and broader adoption.
The partnership makes sense, given SNEK’s status as Cardano’s largest meme coin and second-largest token by market cap after ADA. On-chain data shows SNEK drives 16% of Cardano’s trading volume, with over 40,000 holders and integration into 60 decentralized applications (DApps).
“Snek’s community-driven approach aligns with IO’s mission to foster such innovations on Cardano,” said Cardano founder Charles Hoskinson. “This collaboration supports our shared goal of enhancing the ecosystem.”
“Snek’s community-driven approach aligns with IO’s mission to foster such innovations on Cardano,” said Cardano founder Charles Hoskinson. “This collaboration supports our shared goal of enhancing the ecosystem.”
IOHK reiterated its commitment to projects that enhance network decentralization, especially as the SEC postpones its decision on Grayscale’s Cardano ETF.
SNEK Price Jumps 6% Post-Partnership
The IOHK-SNEK collaboration has sparked a 6% price surge for SNEK, now trading at $0.002744, with a notable increase in daily transaction volume. SNEK’s market cap has reached $200 million, among the top 15 meme coins.
In contrast, ADA’s price has fallen nearly 2%, reflecting declining ecosystem activity since the ETF delay. Cardano’s daily transactions dropped from over 50,000 to under 35,000 by early June.
