You're about to experience an honest review of the crypto coin Sneed, which is launching now. It is already launched, but it's working on its SNS launch on the Internet Computer as I write this, and the proposal is being voted on right now. I'll give you my price prediction: is it going to 100x and get to $30,000? Right now the price is $300. So to me, if it can't at least 100x, that's kind of the minimum I would hope for if I were investing in it. Is it more likely we're going to see $30,000, or is it trending toward $0? I'll give you the good, the bad, and the ugly.
The good and the bad: an all-time high in dollars, but weak against ICP
First off, it currently is at an all-time high in US dollars. But if you look at the price chart, this is a fairly new meme coin on the Internet Computer Protocol, and already priced in ICP it actually hit its top in November right after it launched. It has barely been able to hold its price against ICP, or its value in ICP, so far.
Another thing to put this in perspective: if you're looking at something like Sneed, you have to compare it with the alternative, which is, is it better to just hold your ICP? Well, if you want to look back eight years ago, Bitcoin got 100x and some of the others did too — XRP got 100x — but most other stuff, you couldn't keep up with that, except Dogecoin did get a 500x as one of the first popular meme coins. However, if you'd just bet on the technology and bought Ethereum, you would have far outperformed Dogecoin over the last eight years.
And going forward, almost definitely, as we can see, if you invest in the technology — Ethereum's big technological breakthrough of smart contracts that nothing else had — versus buying a meme coin, which is a copy off of Bitcoin and Litecoin, you're generally going to do way better over time betting on technology and high levels of utility. So for me, it's a really uphill sell that I would want to have any of my money in Sneed compared to having it in ICP.
My track record buying launchpad tokens on the Internet Computer
Now, in the past, I've bought a significant amount of these launchpad tokens on the Internet Computer. I invested in the launchpad on BoomDAO, on GoldDAO, Sonic, Nuance, Trax, and Neutronite. And while some of those did instantly multiply my ICP on a small portion — 20% or less of it — much of the rest of those investments are locked up, and they make up about 5% or so of my portfolio. However, over the long term, ICP is likely to outperform all the projects I've invested in so far on the launchpad. And even though some of these are very hyped projects that could really do well, I am extremely skeptical for Sneed that this is going to outperform ICP in the long term.
If it's just short term and hype and speculation, then yes, I think it is very possible: if Sneed can get a successful SNS sale and get listed on an exchange, I think it could touch something like $30,000 at the high. However, I do not invest in stuff trying to touch speculative highs where I have to watch the price every day and try to time my entrance and my exit, because that is inefficient time-wise. And it always depends on naive crypto investors who don't know any better plowing their money into something they don't understand and then losing money. So to me, for the long term, I don't think Sneed outperforms ICP. It's not going to pay staking rewards like ICP does, and it's not going to have the massive utility that ICP does. So it's a real tough sell for me as to why I would want this instead of ICP.
Going forward, I've been a bit too positive about some of these ICP projects in the past, although I've only put about 5% of my ICP into them. Still, if you compare the Ethereum gains to everything else, you want to put your money where the best options are going forward. If you want to see how I think through these one by one, I keep that going in my ICP Crypto playlist, and I share all my reviews and reasoning openly when I'm hanging out with everyone in the Jerry Banfield Family.
The ugly: only 10% to the decentralization sale
Now, one thing that I do not like at all about this SNS proposal is that there's only going to be 10% of the token distribution given to the decentralization sale. That is just too small to satisfy me. I've never heard that before. Only 10%. This sucks. I mean, that's it. There should be at least 20% on the decentralization sale. This does not merit having a decentralization sale with just 10% on it. And then the founding team's going to get 5%. I realize they've set this up to be deflationary, and they're replacing the old Sneed in circulation, which will be convertible. That said, I don't like it.
So after the SNS, the following will become the actual allocation: 20% for the treasury, 10% for the decentralization sale, 10% for the founding team, and 60% for the existing token holders. So really, they're only selling 10% of the token, and the people that already have it have 60%. So this looks like there's all kinds of potential problems here.
So far, this is looking like it's going to pass, and I did vote yes for this, because I think it's better to allow more proposals. I think they've done enough to merit having an SNS proposal. I think it's fine to let stuff get on the launchpad. People should have the chance to do the sale as is — but I will not be buying any of this, because of what I'm stating here and what I'm about to state. The governance parameters for this don't look like you're going to be able to get hardly anything in exchange for locking this up, except potentially control. And there just look like there are too many things that could go wrong with this, and there's not enough that really excites me. This is the kind of thing I went deep on when I submitted five SNS DAO proposals on the Internet Computer myself.
The branding is a nightmare
Further, if you look at the proposal that was made in November to do an SNS DAO for Sneed, I appreciate the artistic writing and going back to, like, the Middle Ages and stuff. What I'm not seeing is real utility compared to just having ICP. And it kind of looks like they're hoping maybe something will happen, like how SNS-1 was bought out by the Dragginz team. Maybe they're hoping that happens.
I'm also big into marketing, and to me, the branding is a nightmare on this Sneed. Ugh. It just sounds nasty. If you look at the history of the word, it comes back from, like, cutting grass, and then the detached pieces of the object were called the snead. It's not something that to me is good branding. That doesn't mean it won't do well. But if you're thinking, is this going to be a great investment for the future?
Is it fun? On gambling versus asymmetric risk
Is it fun? Now, maybe it's fun. Maybe some of y'all want to gamble with it. I don't find gambling fun anymore. If I want to play games, I'd rather play games without involving money. And if I want to give my money away or carelessly spend my money, I would rather just give it to somebody — give it away and do something like that — instead of gambling with it. With investing, I want to make decisions where I have a very asymmetric risk. An asymmetric risk means there's a low risk of loss and a huge potential gain.
Now, with the deflationary model on this — here's the thing with deflationary. Yes, I know people are really hyped up about deflationary, and there's token burn, and I see they have maturity from ICP staking. But look at it this way: would I rather just stake the ICP myself and get the rewards, or would I rather buy this Sneed token and have them stake it for me and then try to get some value out of that? It's just much more efficient to stake the ICP coin itself.
What I do appreciate, and why it could still go up
Now, again, though, I support what they're doing. I agree with their token and its existence. I am grateful for all the SNS launches. I think people should have the right to create stuff like this. It's interesting, and I'm interested to see if it works out. There is definitely a chance that the price of the token continues to appreciate over time, and against the US dollar I think there is a very good chance that holding Sneed will work out better than holding US dollars — because US dollars are infinitely inflationary, the value constantly drops. I think the price for Sneed could potentially go up to $30,000 just off of inflation and the deflationary model of this. But how high is the ICP price going to be if Sneed hits $30,000?
And this could definitely go to zero, or see some serious losses. We've seen lots of coins in the ICP ecosystem that had huge hype and some pumps and then took big fat dumps, and I don't want to invest in something that's going to do big fat dumps. So what I'm seeing is there are some ups, there are some downs. The old tokens are getting burned.
The conversion risk from old Sneed to new Sneed
There are definitely some problems that could happen with the one-to-one conversion pool from the old Sneed to the new Sneed. There are people who potentially don't even convert their old Sneed because they forgot about it. I don't like stuff like that, where if you're not paying attention and you come back in six months and you didn't see that Sneed did this launch, you might not even realize how to get your old Sneed swapped — which kind of screws some people over. All the exchanges, if this goes through successfully, will have to swap out the old Sneed for the new Sneed. So to me, there are a lot of potential problems with this.
A better meme coin than most — but I'd still rather hold ICP
They do have the collective decision making of the DAO. I think this is a much better meme coin than your average meme coin outside of ICP, so I would invest in this way before I would buy meme coins outside the ICP ecosystem. If you want to understand why the whole ICP meme scene interests me at all, I get into that in my take on how ICP will flip Solana as the top memecoin ecosystem, and if the DAO side is new to you, I broke down everything you need to know about DAOs separately.
So that's my feelings on Sneed. There are definitely somewhat probable scenarios where this has a speculative hype run to $30k. I will not be participating in this, even though it does have the OpenChat integration already, which allows more utility, transactions, and burning. I don't know if you noticed that it didn't have an application behind it, like Tagger, where you can actually post something. That could happen in the future.
However, the market cap for Sneed is already at like $3 million. Depending on how this token sale goes, the market cap could go up significantly higher. When I bought into Tagger and started using Tagger, the market cap on Tagger when I bought into it was a couple million, although the fully diluted could go significantly higher. Sneed already has the supply out there. I like that Tagger has an app — it's a fully functioning DAO. Compared to Tagger, I'm not as big of a fan of Sneed. I don't see it having as much utility, and the fully diluted is smaller. But on Tagger they have made a real app that has real utility that people have been using for years, so I'm really interested to see how this goes.
So this is my honest review of Sneed — the good, the bad, and the ugly. When I come back in eight years, we'll see how this has worked out for everybody.