Slerf Beats Ethereum! The Solana Meme Coin Making Waves in Trading Volume

Last Updated on March 20, 2024

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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.

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.

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.

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.

Solana vs Ethereum
Solana shows higher trading volume than Ethereum. Source: 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.

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.

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.

About The Author

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News Reporter

Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.

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