Solana memecoin Slerf dev destroys $10m earlier than debut

A captivating digital illustration of a cryptocurrency developer, wearing a hoodie and glasses, standing amidst a sea of cash and cryptocurrency tokens. In a bold and surprising move, the developer sets fire to $10 million in cash. Despite this seemingly negative action, the tokens in the background rally and soar to new heights, symbolizing the resilience and strength of the crypto market.

The Solana (SOL) blockchain has emerged as a serious platform for the emergence of latest memecoins, signaling the onset of a bullish market development. This development was accompanied by a surge in SOL’s worth as nicely, nearing $100.

A standout on this memecoin surge is Slerf (SLERF), which regardless of its creator by chance destroying over $10 million in Solana earlier than its debut, shortly soared to a market capitalization of $500 million inside only a few hours after which fell once more.

As of press time CoinMarketCap knowledge reveals that Slerf is buying and selling at $0.51. The 24-hour buying and selling quantity additionally reached almost $681.6 million, up 3,450% from the $19.21 million reported 24 hours in the past.

Earlier than this crash the cryptocurrency rallied from its preliminary CoinMarketCap worth of just below $0,68 to almost $1.06 earlier than crashing to its present worth. The market cap reported by Coingecko additionally in a short time rose to over $622 million all the way down to $184 million earlier than settling at over $205 million as of press time. All of this exercise happened on Mar. 18 as intraday volatility.

Screenshot of CoinMarketCap showing Slerf coin
Screenshot of CoinMarketCap exhibiting Slerf coin

The staff behind Slerf managed to collect 535,000 SOL for the coin’s launch however inadvertently destroyed $10.four million in Solana in an try to wash their pockets. This surge in memecoin exercise has drawn parallels to the Ethereum (ETH) preliminary coin providing craze of 2017, a interval marked by quite a few crypto ventures elevating vital funds, although most finally fell in need of their guarantees.

What are memecoins?

Memecoins, characterised by their origins in web memes or possessing humorous qualities, usually lack sensible purposes past serving as popular culture artifacts. These digital currencies spawned after the introduction of Dogecoin (DOGE) again in 2013 are speculative by nature and are buoyed by devoted on-line communities.

Dogecoin gained fame and help from Elon Musk throughout the 2021 bull market. In 2024, a number of new memecoins have shortly reached market capitalizations within the billions, making a wave of crypto millionaires.

The memecoin growth has rekindled recollections of the 2017 ICO frenzy, with influencers efficiently elevating hundreds of thousands for brand spanking new memecoin ventures. A person on X remarked that the present memecoin craze represents a extra clear iteration of the 2017 ICO and 2021 NFT bubbles, with tasks not pretending to meet unrealistic guarantees and traders acknowledging their speculative motives.

The memecoin phenomenon, whereas creating in a single day millionaires, typically leads to vital losses for a lot of who make investments with out absolutely understanding the dearth of inherent worth of these property.

Whereas Solana’s memecoins proceed to achieve floor, main meme token Shiba Inu (SHIB) has seen many left questioning if it has any life left in it. In our current market evaluate, we share the predictions of this token’s future by three market analysts.

The put up Solana memecoin Slerf dev destroys $10m earlier than debut appeared first on ReadWrite.

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