Solana meme coins like Slerf have boosted on-chain activity in altcoin networks, with pre-sale projects racking up millions of dollars in SOL within hours.
Solana (SOL) decentralized exchange (DEX) has surpassed Ethereum-based platforms like Uniswap and Binance Smart Chain-based solutions like Pancakeswap in trading volume over the past 24 hours amid the memecoin marathon.
According to CoinGecko, Raydium, Jupiter, and Orca occupy the top three positions in daily trading activity across all indexed on-chain exchange venues. Raydium’s $2.2 billion, Jupiter’s $2.1 billion, and Orca’s $1.4 billion surpassed the $1.2 billion and $682 million recorded by Uniswap and Pancakeswap, respectively.
Solana’s Slerf Facilitates Cryptocurrency Gambling
CoinGecko also listed the most popular Raydium pair as SLERF/SOL. SLERF/SOL is a meme coin that wiped out $10 million in SOL raised by speculators and early investors in the pre-sale round.
According to the project website, top contributors said they had committed $200,000, or approximately 1,000 SOL, to the meme coin prior to launch. Investors were unable to realize profits due to a mistake by Slerf developers who claimed that the liquidity provider had burned all the SOL tokens raised.
Slerf’s market capitalization soared from $1.5 million to nearly $1 billion, generating hype and securing listings on several centralized exchanges before falling below its $300 million valuation. Traders exchanged more than $2 billion worth of meme coins within the first 12 hours.
The trend of raising millions of dollars in SOL within hours of presale announcement is quickly becoming common in the Solana ecosystem. As crypto.news reported, NFT project Milady raised $18 million in two hours after sharing its latest product called the Milady wif hat.
The idea was inspired by the viral meme play Dogwifhat (WIF), which hit a market capitalization of $3.2 billion earlier this month.
Continued interest in the Solana ecosystem has also benefited the SOL token. Last week, SOL rose more than 35% to above $200, less than 25% below the previous high of $259 achieved in November 2021.