Snek.Fun Memecoin Creator Launch Overloads Cardano Network in First Hours of Debuting

The Cardano network could be the next chain where the meme frenzy sojourns after the debut of a memecoin launchpad.

Cardano-based memecoin launchpad Snek.Fun has attracted massive user attention within the first few hours of its debut, putting a strain on the protocol.

Cardano might be the next chain to experience the meme frenzy, following the launch of a memecoin launchpad. Snek.Fun, a memecoin creator, went live on the network late Thursday and was met with both enthusiasm and criticism.

Snek.Fun is a project linked to Cardano’s most popular memecoin, Snek. The deflationary memecoin swept the Cardano ecosystem after its April 2023 debut and has made significant contributions to the blockchain.

Its latest venture, Snek.Fun, gained popularity immediately after launch, with users rushing to create memecoins on the platform. The official X account of the protocol showed that it had over 20,000 users in ten seconds, which put a strain on its platform.

Traffic Overloaded Snek.Fun APIs

The protocol’s server became overloaded as a result of the massive influx. This caused transactions on the platform to slow down, and users reported failed token creations.

Furthermore, users complained that they made transactions on the platform but did not receive their created token or a refund as the protocol remained largely unresponsive for a long time. A few others criticized the developers behind the platform for not stress-testing before launch.

However, Snek.Fun posted a few hours later, confirming that it had worked on the overloaded API and transactions were flowing better. The team noted that it was still working to improve the situation.

Transactions are starting to go through and trading is getting smoother. Still work to do, but making progress ?

$bjorn is officially the first token to hit 1 Million ada market cap ? pic.twitter.com/uVSs9TXFLK

— snek.fun (@snekdotfun) September 5, 2024

Meme Frenzy?

Meanwhile, tokens deployed from Snek.Fun have seen massive attraction after just a few hours of trading. At the time of writing, three memecoins have surpassed 1 million ADA market cap ($326,000).

Tractions of this nature were key in Pump.Fun’s success, which birthed a renewed interest in the Tron network. The platform generated over $585,000 in revenue fees in 24 hours, Crypto Basic reported.

Interestingly, memecoin creation on Snek.Fun is similar to that of Pump.Fun and SunPump. However, the Cardano-based launchpad charges more than the two other protocols. To deploy a memecoin, the user would have to pay 25 ADA ($8).

In the midst of the Snek.Fun situation, the Cardano token saw a temporary boost, briefly rising above $0.33 before facing resistance. At the time of writing, ADA was trading at $0.3248, up over 1% in the past 24 hours.