Key Takeaways:
- Slerf, a new meme coin on the Solana blockchain, surpassed all Ethereum-based decentralized exchanges in trading volume a day after launch, hitting $2.7 billion.
- The surge in interest followed an incident where all funds raised were mistakenly sent to a burn address, leading to a buying frenzy and a significant price increase.
- The coin’s viral spread on social media and the subsequent community support to compensate presale participants highlight the market’s unpredictability and community spirit.
In a surprising turn of events, Slerf, a new meme coin on the Solana blockchain, has taken the crypto world by storm, outperforming all Ethereum-based decentralized exchanges in trading volume just a day after its launch.
This remarkable achievement highlights the growing fascination with meme coins among traders and investors.
NEVER FORGET WEN SLERF FLIPPED $ETH$SLERFhttps://t.co/AH7EPcPca8
— Slerf (@Slerfsol) March 20, 2024
The unexpected surge in Slerf’s popularity came after the developers announced that all funds raised were mistakenly sent to a burn address—essentially a crypto wallet where funds cannot be retrieved, sparking a buying frenzy that pushed its price significantly higher.
Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.
— Slerf (@Slerfsol) March 18, 2024
Mint authority is already revoked so I can not mint them.
There is nothing I can do to fix this.
I am so fucking sorry.
Some traders have started calling Slerf a “blue-chip meme,” likening its potential and distribution fairness to the stability and quality typically associated with blue-chip stocks.
It actually has it all and some serious potential to be blue chip memecoin for this cycle
— Andrew Kang (@Rewkang) March 18, 2024
– lore
– memey name/pic
– no supply overhang
– actually fair distribution (no more than 1% supply in address, 60k+ holders day 1)
– team is retarded but good at marketing (they had 25k…
On its debut day, Slerf recorded a staggering $2.7 billion in trading volume, involving over 800,000 transactions by 130,000 traders, as reported by DEXScreener. A significant portion of these trades occurred on Raydium, a Solana-based exchange, with more than $1.7 billion in transactions.
In comparison, the combined trading volume on Ethereum’s decentralized exchanges was $2.3 billion, covering various activities like trades, loans, and other blockchain interactions, according to DefiLlama.
The creation of Slerf followed a successful token presale that raised $10 million. The coin’s value skyrocketed from an initial price of around 3 cents to $1.4 within hours after its release, further fueled by its viral spread on social media platform X due to the burn address incident.
Check out $SLERF's price on CMC: https://t.co/RDk4nIK2fk pic.twitter.com/rdFhw0CIDn
— CoinMarketCap (@CoinMarketCap) March 20, 2024
Efforts are now underway to compensate those who participated in the presale. Developers have called for donations from the Solana community, with crypto exchanges like HTX and Bitget contributing Slerf trading fees to support the cause.
The donation site is live thanks to LBANK you can read about it's purpose and donate here:https://t.co/K7BPlniG7L
— Slerf (@Slerfsol) March 19, 2024
Thanks so much to all the exchanges and dexs offered support on our journey@JupiterExchange @HTX_Global @KuCoinFutures @bitgetglobal @OneDex_X @LBank_Exchange https://t.co/kEPg7g0hzg
This incident not only underscores the unpredictable nature of the cryptocurrency market but also illustrates the community’s willingness to rally around innovative projects, even when faced with unforeseen challenges.