Snek Week Newsletter

The chillest weekly newsletter about Snek Coin

If you’re new to Snek, lets take a moment and get you caught on on what Snek Coin is in the first place. Sneks vision is to create a sustainable and inclusive token on the Cardano blockchain, providing a fun and rewarding experience to our community. We think it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to our advantage. We believe in the power of community as being the most important factor in the success of a project. Our #1 mission will always be to keep our holders happy and entertained in the most transparent and fairest way.

Sunday was one of the last days of the epoch were you could vote to add Snek as a collateral asset to the LenFi platform. At the time, the vote was extremely close at YES with 2.03M or 50.01% of the vote and NO at 2.029M or 49.99%. The voting would remain close all day.

New to $SNEK or Cardano? 🐍

Check out our ssshort on-boarding guide at https://t.co/TQ04BXlkco 💡$SNEK isss currently available on 5 Centralized exchanges and on all #cardano Decentralized exchanges 🏦 pic.twitter.com/hLrDCojfqK

— Snek 🐍 (@snekcoinada) July 23, 2023

Good afternoon @Sneksss, Jussst completed our weekly burn with a total of 66.6m SNEK. Thisss also marks the end of our Special burn of 265m SNEK from our lassst team buy back. We completed 1x burn of 100m SNEK & 7x burns of 23.7m SNEK. Cheersss

-Discord

Price Change Since Yesterday: 3.72%

Currency	Price	24h Volume
Cardano	$0.0019	$1,410,122
Dollars	$0.000375	$401,434
Euros	$0.000338	$361,435

Total Snek Burned: 700,511,663

On Monday the vote for Snek being added to the LenFi platform continued. Monday was also the end of the epoch so we would find out if Snek was a winner or not that afternoon. The vote would end with Snek losing by a vote of YES with 2.181M or 48.47% and NO with 2.318M or 51.53% of the vote.

There were no significant post on X (Twitter) on Monday.

Here are my thoughts for the votes – a few large bags are swinging back and forth. If you think about who could benefit from that it’s pretty clear : Snek price.  They cannot short Snek easily. Hence they can make money if they buy low and sell higher.  One way to do it is creating sell pressure on Snek + making Snek lose in votes.  Once they bought enough Snek at a low price, they will switch votes to make Snek win and pump it. If there is manipulation, imo the most probable outcome is Snek ending winning the vote and pump. ——– We will come back stronger from this as we always do. Using Snek as collateral for loans would have been cool but Lenfi is not the only platform to do it. We have other options and we will be reviewing them in the next days. 🐍 

On the positive side, I think we informed A LOT of people about what SNEK is in the last days and I think we have the support from the majority of people on Cardano. All that communication effort we did, me, @Rami and the whole team will not be unnoticed. 💯 

Still lots of things coming soon for us (snek energy, raffle, game, changenow and more). Keep your heads up!  💪🏼

I’m so happy we won – Lenfi is the greatest lending/borrowing product on Cardano and we can’t wait to show its power to our community

-Discord

Price Change Since Yesterday: -18.84%

Currency	Price	24h Volume
Cardano	0.000992	$5,358,305
Dollars	0.000304	$1,644,094
Euros	$0.000273	$1,483,170

Total Snek Burned: 700,511,732

After a disappointing Monday with the loss in the LenFi vote, we get some good news. It turns out there was some last minute voting that changed the outcome of the poll and Snek had made a comeback to win. Snek won the vote with a total of YES at 2.279M or 50.66% of the vote.

🐍 $SNEK has prevailed.

We've just concluded our largest vote to date. Following a dynamic voting period, our $LENFI users have cast their votes and the final results are now at hand

Throughout the voting process, the https://t.co/A7kiXGMoS4 interface provided a display of the… pic.twitter.com/1KSN7hfy8z

— Lenfi (@LenfiOfficial) July 25, 2023

I’m so happy we won – Lenfi is the greatest lending/borrowing product on Cardano and we can’t wait to show its power to our community

-Discord

Price Change Since Yesterday: 18.09%

Currency	Price	24h Volume
Cardano	$0.001170	$4,478,551
Dollars	$0.000358	$1,368,162
Euros	$0.000324	$1,240,294

Total Snek Burned: 700,511,801

The talk of the town on Wednesday was mostly about the Federal Reserves interest rate hike and how it was going to effect the crypto markets in general.

There were no significant post on X (Twitter) on Wednesday.

Golfy didn’t have anything to say today.

Price Change Since Yesterday: -8.35%

Currency	Price	24h Volume
Cardano	0.00108	$1,163,926
Dollars	$0.000327	$343,328
Euros	$0.000295	$310,531

Total Snek Burned: 700,522,008

Thursday was a slow day. Not much happened. The interest in using Snek as collateral on LenFi is starting to increase, tomorrow will be the first day Snek will join LenFi as a collateral asset and be available for use.

Great news from @MinswapDEX 👏$SNEK 🐍 hasss been upgraded to ‘Tiger’

Thisss means that LP rewards are now in the highest tier alongside projects like @WorldMobileTeam @Indigo_protocol and @LenfiOfficial 🔥 pic.twitter.com/xvrIpQh4yk

— Snek 🐍 (@snekcoinada) July 27, 2023

Only 5 wallets now own more than 1b SNEK. Reducing the number of whales and increasing distribution/decentralization of our token is really important, even more important for a memecoin

-Discord

Price Change Since Yesterday: -2.06%

Currency	Price	24h Volume
Cardano	$0.00103	$996,315
Dollars	$0.000322	$309,090
Euros	$0.000289	$259,159

Total Snek Burned: 700,523,008

Today Snek is available as a collateral asset on LenFi. You can now use your Snek to borrow other coins. If you’re intertested in getting a loan using your Snek as collateral, visit LenFi today. Check out this video to learn more about how to submit a loan request using your Snek.

There were no significant post on X (Twitter) on Friday.

Please be careful here 🚨 @Sneksss

In my opinion, people should not take ADA loans using $SNEK as collateral with an Health factor under 1.8-2.0. Unless you know exactly what you are doing, you are too exposed to volatility and liquidation 👀

Always have HEALTH FACTOR ABOVE 1.80 (2.0 if you are new to this) 🤝

-Discord

Price Change Since Yesterday: -2.04%

Currency	Price	24h Volume
Cardano	$.00101	$1,731,287
Dollars	$0.000314	$538,253
Euros	$0.000285	$489,115

Total Snek Burned: 700,523,008

Today the Snek team announced a new burn mechanism. The Snek team decided to withdraw 15% of their Minswap LP tokens to start a new service exclusive to $SNEK holders. The team will convert the LP to $ADA and use that $ADA to approve and fund loans with $SNEK collateral on LenFi.

2.5 Million $ADA worth of $SNEK 🐍 isss locked with @LenfiOfficial 🤯

It’s been less then 2 days. . . https://t.co/HhLpzriUWv pic.twitter.com/4eh5TjWuds

— Snek 🐍 (@snekcoinada) July 30, 2023

So far we funded loans for a total value of 150k ADA. That’s 655k ADA value in locked collateral (~600m SNEK) 🔒

-Discord

Price Change Since Yesterday: 3.22%

Currency	Price	24h Volume
Cardano	$0.00106	$2,126,821
Dollars	$0.000330	$659,654
Euros	$0.000299	$598,721

Total Snek Burned: 700,523,077

If you’re looking for something fun and Snek related to do, then check out Fidgetybeasts X (Twitter) spaces. They happen pretty consistently about every other day.

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The Snek Logo may or may not be a Trademark of the official Snek Team and its corporate overlords, but we acknowledge that possibility and respect it along with their copyright to the name “Snek Coin“. Snek Week, the website and its newsletter, are not official products of the Snek Team but are provided as a community service by a 3rd party. Fifty Percent of any proceeds generated from advertising in the Snek Week Newsletter will be used to buy and burn Snek Coin.