On its first day of trading, the Solana-based meme coin Slerf outpaced all Ethereum-based platforms. The developer of Slerf caused a frenzy in the market and a spike in price when they admitted they had mistakenly transferred all of the monies raised to a burn address.
According to some expert traders, Slerf is a "blue-chip meme." The Solana community is donating to the presale, and exchanges are using trading fees to reimburse the participants.
As an indication of the extreme demand for meme currencies, a Solana-based token that has just been up for a day has recorded higher trading activity than all decentralized exchanges on the Ethereum blockchain.
According to data from DEXScreener, the trading volume for the past 24 hours for the sloth-themed coin Slerf was over $2.7 billion. The token was issued in the morning hours of Asia on Monday. Additional metrics for the SLERF/USD pair reveal that this volume includes 800,000 trades executed by 130,000 individual traders.
After a successful token presale that garnered $10 million from investors, SLERF was born. Developer claimed they lost access to all cash after inadvertently sending them to a burn address, an uncontrolled cryptocurrency wallet address, which caused it to go viral on social platform X.
Despite this, the market went into a buying and selling frenzy for the tokens. After being listed on Solana-based exchanges like Jupiter and Orca, the price of SLERF quickly soared from its initial value of about 3 cents to as much as $1.4 within a few hours.
Since SLERF is distributed fairly among holders and has the potential to be in high demand in the future, some experienced traders have dubbed it a "blue-chip meme" in reference to blue-chip equities. Companies with a long history and a blue chip stock are considered to be stable and high-quality on a corporate level.
At the same time, the SLERF team is reaching out to the Solana community for donations in an effort to compensate the presale participants. Some cryptocurrency exchanges, such HTX and Bitget, have donated a portion of their SLERF trading costs in support of the cause.
stay turned for development