Solana’s blockchain witnessed an unprecedented surge in trading volume on March 18, reaching its highest level in over two years. Surprisingly, meme coins took the lead on decentralized exchanges, overshadowing even Ethereum.
In an unexpected twist, meme coins like Slerf, Book of Meme, Snap, and Dogwifhat stole the show, driving the trading activity on decentralized exchanges. Among these, Slerf, a token themed around sloths, alone amassed nearly $2.7 billion in trading volume within the last 24 hours. This staggering figure surpasses the combined trading volume of all decentralized exchanges operating on the Ethereum blockchain.
Overcoming Hurdles, Setbacks
Slerf’s story has been nothing short of remarkable. Despite facing a major setback resulting in $10 million in losses for pre-sale investors, the project managed to grab widespread attention. The setback occurred when developers mistakenly sent all raised funds to a burn address, a crypto wallet address not controlled by anyone, thus losing access to the funds.
However, despite this setback, trading of the Slerf token continued, indicating sustained market interest.
Solana Shines Bright
The surge in trading volume not only showcases the growing popularity of meme coins but also underscores the Solana blockchain’s ability to handle high-volume transactions seamlessly. Additional metrics for the SLERF/USD pair reveal that the massive trading volume encompassed 800,000 trades from 130,000 individual traders, with over $1.3 billion in trades conducted through the Solana-based exchange Orca.
In response to the losses incurred by pre-sale investors, the Slerf development team launched efforts to compensate affected participants. They sought support from the Solana community, initiating donation drives to reimburse investors. Several crypto exchanges, including HTX and Bitget, 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.
Slerf Token’s Price Surge
Despite the setbacks, the SLERF token is currently trading at $0.78, marking a remarkable 38% surge in the last 24 hours. This surge not only reflects the resilience of the project but also signals investor confidence in its future prospects.
