SNEK the Biggest Meme Coin on Cardano Officially Partners with Input Output

Input Output is extending its support to the Cardano-based meme coin SNEK, following the signing of a strategic collaboration. This partnership aims to advance the Cardano ecosystem, which is still recovering from the disappointing ETF delay.

Input Output Unveils Collaboration With SNEK For Ecosystem Growth

Input Output Hong Kong (IOHK), the company behind Cardano’s development, has announced a partnership with meme coin SNEK. According to a press release, IOHK and SNEK have inked a strategic collaboration to advance Cardano’s ecosystem, in a move that could be mutually beneficial for the parties.

While not explicitly stated, Input Output may leverage SNEK’s active community to drive increased activity on the Cardano network. Conversely, IOHK is likely to support the meme coin’s efforts to achieve utility and real-world adoption.

IOHK’s decision to partner with SNEK is not far-fetched. SNEK is the largest meme coin on Cardano and the second-largest token by market capitalization after ADA. On-chain data indicates that meme coin accounts for 16% of all trading volume on Cardano.

Input Output cited the project’s community-first principles as a key reason for the partnership. Notably, SNEK has no insider allocation of tokens to its development team or venture capital firms. Additionally, the token boasts over 40,000 holders and is integrated with 60 decentralized applications (DApps) within the Cardano 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.”

In the press statement, IOHK expressed its commitment to supporting projects that promote decentralization across the network. The latest arrangement comes as the SEC delays Grayscale’s Cardano ETF decision.

SNEK Price Rallies By 6% Following The Collaboration

The partnership with Input Output has triggered a rally for SNEK, with the meme coin soaring by over 6%. At the moment, SNEK is trading at $0.002744 while its daily transaction volumes have spiked.

SNEK’s market capitalization has risen to $200 million, putting it among the top 15 meme coins by size. On the other hand, ADA’s price is down by nearly 2%, continuing its streak of falling prices.

ADA’s price dip mirrors its waning ecosystem activity levels since the SEC ETF delay. In the lead-up to the spot ETF decision, Cardano daily transactions surpassed 50,000, but they fell below 35,000 at the start of June.