The cryptocurrency sector has been on the decline today (March 19) after thriving significantly in the past several months.
Leading digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and many more are well in the red, while the global crypto market capitalization dropped to approximately $2.5 trillion (per CoinGecko’s data). Recall that the metric was above $2.9 trillion less than a week ago.
However, there is one newly-emerged token that defies the negative trend, and its name is Slerf (SLERF). The sloth-themed meme coin, built on the Solana blockchain, spiked by 70%, reaching $1.30.
SLERF Price, Source: CoinGecko
In the past few hours, crypto X has been booming with posts related to SLERF, with numerous industry participants suggesting it could become the next token to experience substantial gains in the near future.
SLERF’s emergence has even caught the eye of leading cryptocurrency exchanges, including HTX, which allowed trading services with it.
Despite its evident progress, the asset was involved in a suspicious activity earlier this week when the developer behind it accidentally burnt $10 million worth of funds raised from investors during the presale.
The project clarified that the incident was the result of a “simple mindless misclick” while they were burning the LP tokens. Fixing the situation, though, may be impossible, the team added.
Solana-based meme coins have already made big waves during this cycle. Recall that dogwifhat (WIF) and Bonk Inu (BONK) received support from Binance and other exchanges, while their market caps briefly exceeded the $3 billion mark.
