In the volatile world of cryptocurrency, a new Solana-based meme coin, Slerf, has made headlines for all the wrong reasons. In a shocking turn of events, the project’s developer accidentally burnt a major portion of the token supply, resulting in the loss of a staggering $10 million, leaving presale participants reeling.
The admission of error came through a candid message from the project’s official account, causing uproar among investors. “Guys, I f—ed up,” the message read, outlining the irreversible nature of the mistake. The team’s subsequent appearance on an X Space only intensified the drama, with one member expressing profound remorse and disbelief at the situation.
Despite the calamity, the price of SLERF skyrocketed by approximately 242% within hours of the news breaking. Speculation ran wild in X Spaces, with some advocating for a push towards a $1 billion valuation. Meanwhile, traders capitalized on the chaos, with one individual reportedly pocketing over $3 million in just 12 minutes of trading.
This incident underscores the risks inherent in the burgeoning world of Solana-based meme coins. With a weekend marked by frenzied presales and massive funding injections, it’s clear that caution is paramount in navigating this volatile landscape. As investors assess the fallout of Slerf’s misfortune, the broader cryptocurrency community remains on edge, wary of similar pitfalls lurking in the shadows.
Solana’s Daily Volume Soars
Solana (SOL) has displayed resilience amidst a broader market downturn. While Bitcoin and Ethereum faltered, SOL weathered a dip from $186 to $165 before swiftly rebounding. Currently trading at $206.75, SOL boasts a daily volume of $10.81 billion and a market cap of $92.05 billion.
Over the past three days, SOL surged by 6.59%, and over a week, it saw a remarkable 37.91% gain. Rekt Capital highlights SOL’s recent breakthrough above a crucial resistance level, emphasizing the need to solidify it as support for sustained growth. Historical data reveals challenges at this resistance point, marked in blue, with bullish momentum seen upon exceeding it in weekly closes, as reported by TWJ.
Breaking past this barrier is essential for SOL’s ascent beyond $200. Investors keenly monitor SOL’s performance against this backdrop, underscoring its pivotal role in shaping future price movements. As SOL navigates these challenges, its resilience underscores its potential for further expansion in the cryptocurrency landscape.