The cryptocurrency space is heating up in April with the Bitcoin halving getting closer by the day, expected to take place in 16 days.
While the world’s leading crypto has pulled back from the $70k level to find support at $66k, assets within the Solana-ecosystem have been outperforming, especially meme coins.
One of these success stories is Slerf (SLERF). Released shortly after Book of Meme (BOME), the new Solana memecoin took the market by storm, reaching a $645 million trading volume within hours of going live even as its developer mistakenly burned the liquidity pool.
Slerf Price History
The lure of Solana-based presales has led to more than $100 million in inflows shortly after a 24-hour mint of Book of Meme. One of the latest winners among this is Slerf.
A sloth-themed meme coin with its eyes on the prize without doing much work, Slerf raised $10 million in its token presale, much to the delight of its developer.
However, what was supposed to be a good payday became a memecoin mania for the market, as the developer behind the project lost all the funds he received by mistakenly sending all the tokens to the burned address.
Annoyed by this turn of events, Slerf apologized to buyers on Twitter, saying that the burned tokens were reserved for the airdrop.
“Mint Authority is already revoked so I cannot mint them”, he said.
As he turned to crypto Twitterasking for help, the meme coin market started to get even hotter. Shortly after the news of the mishap came to Coindesk, the meme coin experienced one of the biggest pumps of this year.
However, this pump subsided quickly.
Slerf Price Catches A Second Wind Before Retracing
The Slerf price’s climb following the debacle was rapid, but so was its correction. However, after Slerf dropped on 18th March, it experienced a second wind, reaching its new all-time high of $1.48 before correction.
During its first surge, Slerf caught the attention of major cryptocurrency exchanges from LBank to HTX.
As No.1 trading markets for @Slerfsol, HTX have decided to donate all Slerf trading revenue on @HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on https://t.co/y7nJ0Tgrcj! User first！
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024
HTX extended a helping hand, promising to donate all the trading revenue generated on HTX Global and allocating it to those who participated in the presale.
LBank followed the same route, and told its followers that the 1400 SOL it received will go to Slerf’s presale participants as donations.
We've received 1400 SOL, and LBank's donations will be fully transparent, completed on-chain. $Slerf pre-sale participants won't need to register an LBank account—just keep an eye on your wallets and await the SOL arrival.Long live Meme community! Memers Assembled!… pic.twitter.com/gr0pC2Dxby
— LBank.com (@LBank_Exchange) March 19, 2024
There hasn’t been much action on the Slerf price chart since the news. The token has in a downtrend since reaching its all-time high on March 19th. Although there have been some green wicks, the Slerf price is currently around $0.46.
Slerf Price Prediction - Will it Recover?
Slerf had one thing going for it - marketing. And it is clear that the recent news of the developer mishap led to its rapid climb on the price charts.
As the developer states, it might be the biggest “mess up” in the crypto space in recent times, but it resulted in short-term gains for presale investors as well as those who were quick enough to grab Slerf when it first went live.
However, those days of gains are gone.
The meme token’s value has decreased steeply and its value is getting closer to its launch-day price. It shows that this limited utility crypto now only has limited parties interested in it, and even those have started to step back.
Slerf May Disappear, But New Meme Coins Continue to Trend
Even though it is likely that Slerf will disappear from the market, its rapid climb is indicative of the degens crowding the market. Retail traders are going risk on, and the recent volatility shown by Bitcoin is bolstering more support for meme coins.
So yes, the meme coin mania will continue. But that doesn’t mean investors have to invest in meme coins that are subject to the current market’s volatility.
Dogecoin20 Presale On Ethereum
While the Slerf price may be going to zero, there is another meme coin that has taken the crypto world by storm. It has the same fundamentals as the OG meme coins but with a unique proof-of-stake spin.
The newest meme coin launching in April is Dogecoin20 (DOGE20), a dogecoin-inspired meme token on the Ethereum chain.
Embracing the same ethos as the old meme coin, Dogecoin20 brings the DOGE ecosystem to a greener space. Its goal is altruistic, its supply mimics the initial one of Dogecoin, and its core fundamentals are deflationary.
It means it has the same perks as Dogecoin, which helped it go viral. In addition, it provides users with assets they can use to make passive earnings via staking.
Dogecoin20 recently concluded its presale, raising upwards of $10 million.The token is set to launch on ”doge day”, which is to be celebrated on April 20th.
Till then, those who want to get in on the last chance to invest in this project should go to dogecoin20.io.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
