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Memecoins are emerging as a popular investment option alongside traditional crypto. The memecoin WIF has surged the most in the memecoin market in the past 365 days.
The Solana-based memecoin Slerf (SLERF) launch has raised questions and rumors, as its developer asserted that it accidentally burned a substantial presale allocation of Solana (SOL) tokens worth $10 Million. This incident has also raised several questions about the presale.
The developer of Slerf accidentally burned both the liquidity and the 500 million tokens allocated to presale participants.
The project successfully raised over $10 Million in presales. Over the weekend, the project was one of several Solana-based self-starters that attracted millions of crypto-enthusiasts through presale initiatives.
Despite a decline in Solana’s price, Slerf’s price surged 48.51% intraday; at the press time, it was trading at $0.888. The coin went live on March 18, 2024, and in a few hours, it grew significantly.
The market capitalization of Slerf is $505.49 Million, and the past 24-hour trading volume is $1.72 Billion. There are also claims that other than funding, a significant portion of funds is injected.
Is SOL Price Affected By Slerf Event?
In the past 24 hours, the trading price of Solana (SOL) slipped 10.69% when it was trading at $184.73. As per market observers, the decline in the price is influenced by the news of Slerf memecoin.
The claims are yet to be proved, but the speculation indicates that the Slerf presale incident is largely behind the sharp decline.
Market Update
Abuja’s Federal High Court, on March 19, 2024, summoned Binance Holdings Limited to provide comprehensive information to the Economic and Financial Crime Commission (EFCC) on all users trading from Nigeria on its ecosystem.
China’s Central Bank, the People’s Bank of China, has now released a service guide for foreign visitors to help them ease the usage of e-CNY. The aim of publishing the guide is to help visitors make contactless payments with the central digital currency.
Not just a single crypto or a few cryptos, but a large chunk of the crypto market has slipped significantly in the past 24 hours. A significant decline of 7.12% to $2.41 Trillion was seen in the market capitalization when writing.
The industry leader, Bitcoin, lost 7.01% of its trading price and fell to $63,418. A day earlier, it was trading above $68k. However, earlier this week, BTC had traded at its all-time high.
Dogwifhat (WIF), one of the most popular memecoin lost 23.45% intraday, and made it to the top of the losers topper. Aptos (APT) remains bullish as it added 4.44% to its trading price, Stacks (STX) gained 3.08%, Toncoin (TON) gained 1.61% and Fantom(FTM) is up 1.32%.
Even after this significant decline, the fear and greed index of the crypto market shows that there is still greed among investors. Further, a decline is expected if the F & G indicator continues to show greed.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
