SNEK Price Gains Over 16%

Kraken Exchange, a well-established U.S.-based cryptocurrency exchange serving over 10 million users worldwide, made a significant announcement on April 25. They revealed that they would be listing Snek (SNEK), a memecoin based on Cardano (ADA), on their platform. Deposits and withdrawals for SNEK on Kraken Exchange were enabled ahead of the official listing date on April 28.

The listing of SNEK on Kraken is a major milestone for the wider Cardano ecosystem, which has been under scrutiny for its low on-chain activity. This move by Kraken opens up opportunities for tier 1 centralized exchange listings for Cardano native tokens, providing a significant boost to projects built on the ADA network.

Users and cryptocurrency enthusiasts have expressed their excitement about SNEK’s listing on Kraken, with one X platform user, EL, noting that it is a huge achievement for SNEK and a massive win for the entire Cardano community.

Following the announcement of SNEK’s listing, the price of the memecoin surged by over 17 percent, reaching around $0.00357 at the time of writing. This resulted in a substantial increase in SNEK’s market capitalization, which now stands at approximately $273 million. The coin also saw a 42 percent gain in trading volume over the past week.

The positive news surrounding SNEK’s listing on Kraken has contributed to a bullish outlook for the memecoin. Technical analysis shows that SNEK’s price has closed above a falling daily wedge pattern, indicating further upward momentum. Additionally, the daily Moving Average Convergence Divergence (MACD) line has crossed the zero line, accompanied by a notable rally in the Relative Strength Index (RSI).

Overall, the listing of SNEK on Kraken is expected to have a significant impact on the memecoin’s price and trading volume. The increased exposure and accessibility provided by a major exchange like Kraken will likely attract more investors and traders to SNEK, further solidifying its position within the Cardano ecosystem.