What is SLERF and why is it skyrocketing?

Paul Sazan
| Editor:
April 12, 2024
4 min read

In the wacky, unpredictable world of crypto, the name 'SLERF' might initially evoke images of a disgruntled elf or a failed Smurf cousin. However, this Solana-based meme coin has taken the crypto universe by storm, going from a virtual unknown to a digital currency superstar.

What is SLERF?

Slerf (SLERF) is a Solana-based meme coin based on an image of a drooling sloth, designed to bring humor and excitement (and liquidity) into the Solana ecosystem.

SLERF's Explosive Launch

SLERF (SLERF) burst onto the scene with all the subtlety of a bull in a china shop. On its launch day, the price surged by 35% within a 24-hour period, leapfrogging the $0.80 mark, and catapulting its market capitalization beyond an impressive $400 million. This meteoric rise made SLERF the fourth-biggest Solana-based meme coin, a remarkable achievement in an industry where success can be elusive.

Accidental Token Burning Mishap

However, SLERF's launch wasn't all high-fives and champagne toasts. A mishap led to the accidental burning of $10 million worth of $Slerf tokens, which were meant for distribution among 25,000 presale buyers. This was akin to throwing a surprise birthday party and accidentally setting the cake on fire.

Despite this sizable token inferno, SLERF's market cap skyrocketed to an all-time high of $750 million within a few hours of its launch, with a day 1 24-hour trading volume close to $2.5 billion. This was enough to surpass heavyweights like ETH and USDC in trading volume.

Despite this fiery start, the SLERF story is far from over. With the backing of influential figures and a resilient community, this plucky meme coin is showing the crypto world that even a slerf can become a soaring eagle. Stay tuned for the next chapter in the SLERF saga.

Community Support and Resilience

When $Slerf accidentally set their own token on fire, they could have become the laughing stock of the crypto-verse. But, as it turns out, there's nothing like a good accidental mass token burning to bring a community together.

Influential Backing for SLERF

The fallout from the Great SLERF Burn was like watching a phoenix rise from the ashes of a particularly unfortunate barbecue. Renowned artist Beeple, who we hear is also quite handy with the digital paintbrush, threw his support behind the project.

And it wasn't just individual influencers. Major news agencies and media outlets also hopped on the $SLERF express, thrusting it into the forefront of the crypto world. The message was clear: $SLERF might have stumbled, but it was far from out.

Community Donation Fund Establishment

Following the token barbeque, the SLERF team could have gone into hiding, but instead, in partnership with LBank, they established a community donation fund. The intention? To reimburse the losses of presale buyers, showcasing unity and resilience in the community.

At the same time, several exchanges (who typically would be busy counting their trading fees), donated those very fees from SLERF trades back to the SLERF project. Jupiter, a Solana DEX, even announced plans to donate fees to SLERF presale participants.

The community's reaction to the accidental token burning showed more than just resilience — it underlined the strength and unity within the $SLERF community. It's proof that in the crypto universe, it's not just about the ups and downs of price movements, but also about the strength of the community behind each coin. And the SLERF community? They're as strong as they come.

Price Movements and Trading Volume

In the unpredictable world of crypto, SLERF has been riding the roller coaster like a champ, pulling off vertigo-inducing loops and breathtaking dips with a kind of audacity that would make even the most seasoned theme park junkie squeal in delight.

All-Time Highs and Significant Drops

SLERF's journey began on the Raydium DEX on March 18th, with an initial price tag that would make even the thriftiest of penny-pinchers smile - a measly $0.02193. But hold onto your hats, folks, because this coin wasn't content to sit in the bargain bin. In a jaw-dropping two and a half hours, Slerf skyrocketed by 6,151%, hitting a high of $1.3710 and probably causing a few spit-takes around the globe.

But as anyone who's experienced the thrill of a roller coaster knows, what goes up must come down. Slerf wasn’t an exception, declining after its initial pump and finding a comfy spot around $0.375. But don't be fooled, folks. This was still a 1,610% increase from its first recorded price. Not too shabby, Slerf, not too shabby at all.

Just when you thought the ride was over, Slerf decided to take another shot at the clouds, hitting a new all-time high of $1.4801. That's a gain of 294% from its support level. Talk about a thrill ride!

Trading Volume Surpassing Major Cryptocurrencies

On its first day out, Slerf was trading like hotcakes at a breakfast buffet. The token posted over $2.7 billion in trading volume in the first 24 hours alone, leaving all Ethereum DeFi in the dust. But wait, there's more! Slerf's market cap surged to an all-time high of $750 million within a few hours of its launch. That's billion with a 'B', folks!

To put that in perspective, SLERF trading volume was close to $2.5 billion, surpassing the likes of ETH and USDC. Who would've thought that this little meme coin could outshine some of the big players?

Whether you're a crypto enthusiast or just a casual observer, there's no denying that Slerf's wild ride has been nothing short of spectacular. So buckle up, folks, because if Slerf has taught us anything, it's that in the world of crypto, anything is possible!

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