Slerf (SLERF): A Slothful Coin's Sudden Surge to Stardom

As the latest crypto bull market picks up momentum, meme coins are back and exploding by the day. Since January 2024, meme coins built on the Solana ecosystem have been performing incredibly well as they seek to bring liquidity back into the Solana blockchain.

After the remarkable success of BONK and WIF, there's a new kid in the Solana meme coin mania — Slerf.

As one of the best-performing meme coins in March 2024, Slerf (SLERF) has caught the crypto community's attention despite its controversial entry into the scene following an error by its developer. After launch, SLERF pumped by around 252% in a day, pushing it to the top-five list of Solana meme coins. So, what's the fuss about Slerf — and how has it minted millions for some investors overnight?

Let’s find out.

Key Takeaways:

• Barely two weeks in the crypto market, Slerf (SLERF) has risen to a place on the list of the top five Solana meme coins, with millions in market capitalization.

• Slerf's launch was surrounded by controversy after the developer accidentally burned $10 million worth of tokens meant for presale activities.

• SLERF pumped by over 252% on day one of launch and had a trading volume of $2.5 billion, exceeding that of ETH and USDC.

What Is SLERF?

Slerf (SLERF) is a Solana meme coin project designed as a drooling sloth to bring humor and excitement into the Solana ecosystem while driving liquidity into it.

It's the latest addition to the Solana meme coin basket, and has shot rapidly into a slot in the the top five. Slerf's entry into the crypto space bubbled with controversy when the developer claimed to have accidentally burned SLERF tokens worth $10 million, which were set aside for 25,000 presale buyers. Upon realizing the mistake, the developer convened a session on X to explain the situation transparently.

The revelation by the developer was taken positively by the meme coin community, which loved and praised the developer's level of accountability.

Following this show of unity by the community, SLERF pumped hard and hit a market cap of $750 million within a few hours. At the close of its first day of trading, SLERF had hit a trading volume of around $2.5 billion, surpassing that of popular tokens such as ETH and USDC.

SLERF has a total supply of just under 500 million tokens, and recently surpassed the $0.90 mark on Mar 27, 2024, jumping by over 35% within 24 hours as investors rushed to cash in on the gains.

The SLERF Controversy: A Real Blunder — or a Marketing Ploy?

On Mar 18, 2024, Slerf's developer (@Slerfsol) went on X and admitted that they’d accidentally burned the presale tokens contributed by investors, which were meant to be set aside for the project's airdrop and liquidity provision. The developer sounded terribly distraught as they called upon the community to help find a solution to the mess, since the authority to re-mint the tokens had been revoked.

Immediately, well-known figures in the crypto space, such as NFT artist Beeple and other influential figures, offered their support and shared in the project's plight. 

Many exchanges didn’t hesitate to lend a helping hand upon hearing about the unfortunate incident. Several exchanges — such as BingX, Bitget and HTX — offered to donate all trading fees from their SLERF trades to the Slerf project. Jupiter, a Solana DEX, also announced plans to donate current and ongoing SLERF limit order and DCA fees to SLERF presale participants.

To correct the situation, Slerf partnered with LBank, a crypto exchange, to fundraise and recover the losses created by the accident. This action resonated well with the community, who took it as a sign of trust, accountability and transparency by the project’s team, especially in a space where rug pulls and pump-and-dump schemes occur so often.

However, some believe that the incident was a marketing ploy by the Slerf team in a bid to popularize its project. Meme coins are speculative by nature, and the bigger and stronger a meme coin’s community, the more the token will rally.

Whether the error was genuine or a ploy to generate buzz around the project, it marked a pivotal point in Slerf’s journey, one that doesn’t seem to be slowing down. All of these actions led to a dizzying rally that pushed SLERF's initial launch price of $0.02193 to a peak of $1.30 on Mar 19, 2024, just a day after the developer's blunder.

SLERF Price Prediction

As of Mar 28, 2024, SLERF’s price is $0.747, a 45.7% drop from its ATH of $1.30 on Mar 19, 2024, and a 92% increase from its ATL of $0.3693 on Mar 18, 2024.

Price prediction experts are cautiously bullish on SLERF’s future price. According to Techopedia, SLERF could hit a high of $1.70 in 2025 and drop to $1.50 in 2030. Another price prediction platform, CoinCodex, is relatively more bullish on SLERF and believes it will hit $3.73 in 2025 and drop to $3.19 by 2030.

That said, these bullish predictions aren’t a guarantee of the future price of SLERF. We highly recommend that you do your research before you invest in SLERF or any other altcoins.

Is SLERF a Good Investment?

Most meme coins are speculative and lack real utility. Meme coins are also highly volatile and tend to pump or dump heavily based on the price of blue chip cryptos, especially Bitcoin. As such, investing only what you can afford to lose in SLERF is advisable, since it's primarily driven by hype.

That said, meme coins such as SLERF have the potential to mint millions for savvy investors who can perfectly time entries and exits into the crypto market. For example, it’s said a certain SLERF investor scooped up $3.5 million in profit within three days.

Nevertheless, this information shouldn’t be taken as financial advice. Crypto investing and trading is risky and requires independent research before putting your assets into it.

Where to Buy SLERF

You can buy SLERF as a Perpetual SLERFUSDT contract on Bybit.

Closing Thoughts

Within less than two weeks, SLERF has quickly risen to become one of the top Solana meme coins. Despite the fiasco around its launch when a developer’s error lost funds meant for its airdrop, Slerf has gained the sympathy of its community, which has continued to push the token up the ranks.

As the Solana meme coin frenzy continues, SLERF is one coin to watch, together with BONK, WIF and BOME, at least until the next trending meme coin enters the space.

#LearnWithBybit