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In just a few days, traders have poured $1.4 million into an ICO for new Solana meme coin Slothana ($SLOTH), in a bid to try and recapture some of that early potential of the networkโs established funny tokens like Slerfs, DogWifHat and Bonk.
Solanaโs 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 doesnโt want to work. Oh no, heโs eyeing something bigger: he wants to go from 420 to $420 million.
Meme coin-watching channels are ablaze with buzzย that Slothana is from the same team that launched Smog (SMOG), whichย rallied strongly after ending its presale and listing.
Barely two days into its sale and SLOTH has already raised a tidy $1.4 million and that figure is swelling by the minute!
โฐ Tired of the 9-5? So is Slothana!๐ฆฅOur 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
โ Slothana (@SlothanaCoin) March 25, 2024
Slothana (SLOTH) is an homage to the humble Sloth, the inspiration behind the massively successful recent Slerf project, also on Solana.
Slerfs launched in the middle of March this year and posted some eye-watering daily returns recently as 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, Ethereumโs rival Solana is creating a meme coin category of its own, as leading projects regularly post chunky returns during market-wide buying cycles.
Slothanaโs $SLOTH Will Ride The Halving
While we have come a long way since Bitcoinโs launch in 2009, one thing hasnโt changed: the worldโs biggest cryptocurrency by market capitalization still sets the pace for the rest of the sector.
With that said, meme coins, which are typically the most volatile investments in crypto, are likely to see frequent returns over the coming months in anticipation of Bitcoinโs halving on April 19.
That is the date when Bitcoin mining rewards get halved, which will create a serious bottleneck in the issuance of new Bitcoin.
At the same time, institutional interest in Bitcoin is at an all-time high.
The worldโs favorite cryptocurrency currently trades about 3% shy of its former all-time high of $73,737.94, posted a fortnight ago on March 14.ย
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.
So, if institutional demand for Bitcoin is at an all-time high, what will happen when halving cuts new supply?
Well the answer is obvious and proven: the price-driving law of supply and demand has already caused major rallies in Bitcoinโs previous three halvings.
Increased attention on Bitcoin will shine a light on the wider market, the perfect conditions to foment a meme coin rally.
Head to theย website to check out the project. To puchase, send SOL to this address โ EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
One SOL purchases 10,000 SLOTH, which means each SLOTH has an approximate price of $0.018599 at the time of writing, although this will rise as the presale progresses.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.