Cardano’s leading meme coin, SNEK tumbles nearly 10% over the past 24 hours due to the sell-off of ADA. ADA itself has dropped over 7% since yesterday, dropping to around $0.88.
ADA, SOL and XRP have all experienced large sell-offs after it was revealed that the US Digital Asset Stockpile could be planning to sell the three aforementioned assets. As a result, alt coins and meme coins within those ecosystems experienced heavy drops.
It's official. We won.
The United States now holds 198,109 BTC in its Strategic Bitcoin Reserve.
Also, the "Digital Asset Stockpile" is separate in this bill—bitcoin is now distinguished from "crypto" at the federal level. pic.twitter.com/GWv4Tkq7bb
— Joe Consorti ⚡️ (@JoeConsorti) March 7, 2025
Nothing Confirmed From US Government But Rumours Cause Panic In Market: SNEK Caught In Crossfire
The latest rumour is that the US is gearing up to dump ADA, SOL and XRP on the market, in large quantities.
As a result, the Cardano meme coin, SNEK, has been caught in the crossfire. Holders are dumping it in large quantities and causing its price to tank.
It all stems from Trump’s executive order, signed yesterday. It confirms the creation of a Bitcoin Strategic Reserve and also a Digital Asset Stockpile.
The key takeaways from the order are that the BTC in reserve won’t be sold. However, the tokens in the digital assets stockpile can be sold.
Causing further panic for holders of the proposed assets for the stockpile came with the probability of the treasury suggesting budget neutral ways of increasing the BTC in reserve. Many are reading this as the government can sell assets within the stockpile to add to its Bitcoin reserve.
I encourage you to read the announcement of the Strategic Bitcoin Reserve. Key points:
– BTC in reserve won't be sold
– Shitcoins in digital assets "stockpile" can be sold
– Treasury can suggest budget neutral ways of increasing BTC in reserve… (Aka sell shitcoins & gold!) pic.twitter.com/XhwfPVulmT— Vijay Boyapati (@real_vijay) March 7, 2025
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Cardano Meme Coin SNEK Suffers Due To Widescale Sell Off Of ADA
As investors went from uber bullish on the five tokens touted by President Trump as ripe for a potential Digital Asset Stockpile, unclear and dubious wording of the official executive order has created panic across the markets.
Ripple (XRP), Solana (SOL) and Cardano (ADA) are down 3%, 5% and 7.5% respectively as people begin to dig into the wording of the executive order, believing that the Trump administration are gearing up to dump the aforementioned assets onto the market.
With ADA being hit the hardest of the three, it comes as no surprise that the Cardano ecosystem is suffering as a result. Its leading meme coin, SNEK, is down nearly 10% overnight, sliding to around $0.0038, per CoinGecko .
The market cap of SNEK has been hit hard also, dropping from $425 million just three days ago to its current level of $290 million. The mass sell-offs on SNEK have resulted in a volume spike, with CoinGecko showing $2.9m of trading volume over the past day.
For SNEK to reverse, ADA will need to settle itself. The wider ecosystem can’t begin to thrive again until ADA shows some strength and stops its own downhill tumble.
( COINGECKO
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Cardano meme coin SNEK dumps following ADA sell-off
- XRP, SOL and ADA all dumped following rumours that the Trump administration is gearing up to dump the assets
- As a result of the ADA sell-off, its leading meme coin SNEK tumbles 10%
- Meme Index (MEMEX) presale nears $4m in funding as it offers investors a simplified way to gain exposure on the fast moving meme coin sector
