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In an extraordinary display of the meme coin craze, a new Solana-based token named SLERF has taken the crypto world by storm, surpassing the total trading volume of all decentralized exchanges (DEXs) on the Ethereum blockchain within just over a day of its launch.
With a sloth as its mascot, Slerf recorded a staggering trading volume of more than $2.7 billion in the 24 hours following its release, according to data from DEXScreener. This volume resulted from 800,000 trades executed by 130,000 individual traders, highlighting the explosive interest in the SLERF/USD pair.
More than $1.7 billion of these trades were conducted through Raydium, a Solana-based exchange, as per the data provided by CoinGecko. This influx of activity starkly contrasts with the $2.3 billion cumulative volume processed by Ethereum’s exchange applications within the same timeframe, showcasing the shifting dynamics in the decentralized finance (DeFi) landscape, as reported by DefiLlama.
The Rise of SLERF
The origins of SLERF trace back to a token presale that saw it raising $10 million from enthusiastic users. The token’s sudden rise to fame was further propelled by an unexpected twist when its developers announced they had inadvertently sent all the raised funds to a burn address, rendering the money inaccessible. This incident, however, did not deter the crypto community’s eagerness to trade SLERF, which saw its price skyrocket to $1.4 from an initial value of approximately 3 cents in a matter of hours. The token’s distribution occurred through several Solana-based exchanges, including Jupiter and Orca.
The Slerf saga is one of the most retarded and beautiful things I’ve ever witnessed in crypto For that reason, I’m in https://t.co/Hfaut9WlN9 pic.twitter.com/WhBDtxhZ58 — Andrew Kang (@Rewkang) March 18, 2024
SLERF’s unforeseen success has led some in the crypto space to label it a “blue-chip meme,” likening its potential and stability to that of blue-chip stocks known for their reliability and long-standing reputation in the traditional financial market. This designation stems from factors such as SLERF’s fair distribution among holders and the anticipated demand for the token.
Community Efforts and Donations
In a bid to compensate the presale participants affected by the mishap with the funds, SLERF’s developers have called upon the Solana community for donations. Crypto exchanges like HTX and Bitget have stepped forward, committing the trading fees generated from SLERF transactions to a dedicated donation address. This initiative has successfully amassed over $450,000 in contributions as of the latest reports from European morning hours on Tuesday.
This unexpected surge in a meme coin’s popularity underscores the volatile yet increasingly intriguing nature of the cryptocurrency market, where community sentiment and meme culture can significantly influence trading behaviors and market dynamics.
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