Forget Pepe, Dogwifhat, Shib: Slerf Beats Ethereum in Trading Volume

The post Forget Pepe, Dogwifhat, Shib: Slerf Beats Ethereum in Trading Volume appeared first on Coinpedia Fintech News

The trading volume on Solana’s blockchain skyrocketed to its highest level in over two years on March 18. Surprisingly, meme coins such as Slerf, Boom of Meme, Snap, and Dogwifhat led the activity on decentralized exchanges, overshadowing Ethereum.

Slerf, a sloth-themed token alone amassed nearly $2,7 billion in trading volume in the last 24. This figure surpasses the combined trading volume of all decentralized exchanges operating on the Ethereum blockchain.

Accidental $10Million loss

After a major setback causing $10 million in losses for pre-sale investors, the Slerf project faced uncertainty. The situation gained widespread attention on social media platforms when developers revealed they mistakenly sent all raised funds to a burn address.  

A crypto wallet address that’s not controlled by anyone, thus losing access to the funds. Despite this mishap, trading of the Slerf token continued, indicating sustained market interest.

SLERF Beats Ethereum 

Slerf’s journey has been nothing short of remarkable. Within just a day of its launch, the token soared to an unprecedented trading volume of nearly $2.7 billion surpassing all decentralized exchanges on the Ethereum. In contrast, decentralized exchanges on the Ethereum blockchain processed $2.3 billion in cumulative volume. 

However, such amount of trading encompasses 800,000 trades from 130,000 individual traders, as revealed by additional metrics for the SLERF/USD pair. Over $1.3 billion in trades were conducted through the Solana-based exchange Orca.

Meanwhile, this sudden surge not only showcases the growing popularity of meme coins but also highlights the Solana blockchain’s capability to handle high-volume transactions with ease.

Slerf Receives Support

In response to the losses incurred by pre-sale investors, the Slerf development team has launched efforts to compensate affected participants. By seeking support from the Solana community, developers have initiated donation drives to reimburse investors. 

Notably, several crypto exchanges, including HTX and Bitget, have pledged to contribute trading fees to the recovery fund. As of the latest reports, over $297,200 in donations have been raised, highlighting the community’s solidarity in times of adversity.

Currently, the SLERF token is trading at $0.78, marking a 38% surge in the last 24 hours.