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In just a few days, traders have poured $1.5 million into an ICO to buy new Solana meme coin Slothana ($SLOTH), in a bid to try and recapture some of that early potential of the network’s established funny tokens like Slerf, DogWifHat and Bonk.
Solana’s latest meme sensation is a lazy sloth who lives and works on the Solana blockchain. But with his permanently hazed red eyes, he gives the impression that he really doesn’t want to work. Oh no, he’s eyeing something bigger: he wants to go “from 420 to $420 million”.
Meme coin-watching channels are ablaze with buzz that Slothana is from the same team that launched Smog (SMOG), which rallied more than 30x for many early investors after listing.
Barely two days into a ‘send SOL’ style presale and SLOTH has already raised a tidy $1.5 million, and that figure is swelling by the minute!
⏰ Tired of the 9-5? So is Slothana!🦥Our office sloth is ready to ditch the daily grind and embrace the world of crypto trading. No more getting high on herb, just high on profits! Send SOL to help our sloth go from 420 couch surfer to $420m crypto chad! #slothana #memecoin
— Slothana (@SlothanaCoin) March 25, 2024
Slothana (SLOTH) is a homage to the humble Sloth, inspiration behind the massively successful recent Slerf project, also on Solana. Slerf launched into a lot of hype after a head-turning developer error in the middle of March this year and posted some eye-watering daily returns recently as the meme coin presale trend and a market-wide rally helped channel investors into Solana meme coins.
For years, people mainly used Ethereum and the ERC-20 token standard to create meme coins. Nowadays, Ethereum’s rival Solana is creating a meme coin category of its own as leading projects regularly post chunky returns during market-wide buying cycles.
Slothana’s $SLOTH Poised To Ride The Bitcoin Halving
While we have come a long way since Bitcoin’s launch in 2009, one thing hasn’t changed: the world’s biggest cryptocurrency by market capitalization still sets the pace for the rest of the sector.
With that said, meme coins, typically the most volatile investments in crypto, are likely to see frequent returns over the coming months in anticipation of Bitcoin’s halving on April 19.
That is the date when Bitcoin mining rewards get halved, which will create a severe bottleneck in the issuance of new Bitcoin. At the same time, institutional interest in Bitcoin is at an all-time high. The world’s favorite cryptocurrency currently trades about 3% shy of its former all-time high of $73,737.94, posted a fortnight ago on March 14.
Large institutional purchases of Bitcoin following the approval of eleven Bitcoin ETFs back in January fuelled that recent all-time high. ETFs are regulated investment vehicles that enable anyone with a brokerage account to effectively buy and hold Bitcoin to exploit its price growth through the safeguards of a regulated investment product.
Increased attention on Bitcoin shines a light on the wider market, which provides the perfect conditions for fomenting a meme coin rally.
Head to the website to check out the project. To purchase $SLOTH, send SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
There is also a handy widget on the Slothana website accepting SOL swaps by connecting your Phantom or other self-custody wallet.
One SOL buys 10,000 $SLOTH, which means each token has an approximate price of $0.018599 at the time of writing, although this will rise as the presale progresses.
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