Solana Meme Coin Slerf Transaction Volume Has Overtaken Ethereum

Author: Shaurya Malwa, CoinTelegraph; Compiler: Deng Tong, Golden Finance

• Solana-based meme token Slerf’s transaction volume exceeded all Ethereum-based transactions on the first day of its existence.

• Slerf’s popularity soared after its developers said they accidentally sent all raised funds to a burn address, causing the market to go crazy and prices to rise.

• Slerf is considered a "blue chip meme" by some professional traders and is working to compensate presale participants through donations from the Solana community and transaction fees on the exchange.

A token based on Solana  has been online for more than a day At one point, its trading volume has exceeded the trading volume of all decentralized exchanges on the Ethereum blockchain, which shows how crazy the demand for meme coins is.

Data from DEXScreener shows that The sloth theme of Monday's Asian morning issue The trading volume of the token Slerf exceeded $2.7 billion in the past 24 hours. These trading volumes include 800,000 trades from 130,000 individual tradersThis is among other indicators shown by the SLERF/USD currency pair.

More than $1.7 billion was traded through the Solana-based Raydium exchange, CoinGecko data shows.

SLERF trading indicator.  (Birdeye)

In comparison, DefiLlama data shows that transaction applications on Ethereum have cumulative processing volume of $2.3 billion. This is the total number of any transactions settled on the blockchain, such as those from trading, lending and borrowing applications.

Transaction volume of various blockchains. (DefiLlama)

SLERF was born after a token presale, during which $10 million was raised from users. Its developers said they lost access to the funds by accidentally sending all the funds they raised to a crypto wallet address that no one controlled, and the news quickly went viral on social platform X.

But that didn’t stop the frantic market from buying and trading the token. SLERF was eventually listed on Solana exchanges such as Jupiter and Orca, with the price soaring from an initial value of nearly 3 cents to 1.4 in a matter of hours Dollar.

Some professional traders refer to SLERF as a "blue-chip meme" (an endorsement of blue-chip stocks), for reasons including its fair distribution among holders and its outlook for the future Perception of needs. Blue chip stocks are a sign of stability and quality at the corporate level and are often associated with companies with a long history.

It actually has it all and hasHuge potential to be this cycle's blue chip meme coin:

- Legend;

- memey name/picture;

- None Oversupply;

-actually fair distribution (no more than 1% address supply, 60k+ holders on day one) ;

- The team is mentally retarded but good at marketing (they have 25k pre-sale wallets and record space);

- Guarantee the liquidity level of blue chip stocks on the first day, without LP carpet risk;

- You need to purchase tokens on the exchange on MM because the team’s supply is running low;

- If it succeeds, it would be the most unfortunate but hilarious outcome for the team and pre-sales people.

Meanwhile, SLERF developers are trying to make presale participants complete by asking for donations from the Solana community. Cryptocurrency exchanges such as HTX and Bitget have committed to depositing SLERF transaction fees into donation addresses.

Address tracking showed more than $450,000 in donations had been raised as of Tuesday morning time in Europe.