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The Solana-based Slerf (SLERF) meme coin’s $10 million mishap has ignited fervent debate. While the team attributes it to a simple misclick, speculation swirls about it being a calculated marketing ploy.
Despite the ambiguity, the incident has stirred considerable buzz on social media and in the market, adding to the allure of the project and the meme coin sector overall.
However, not everyone sees this positively. CryptoQuant’s Ki Young Ju has voiced concerns, highlighting the negative impact meme coins may have on the crypto industry.
Meme Coin Frenzy: A Passing Craze or Genuine Evolution?
Venturing onto X (formerly Twitter), Ju voiced frustration, lamenting how meme coins with billion-dollar market caps often overshadow the earnest endeavors of dedicated teams striving to advance the industry with legitimate innovations.
According to Ju, the allure of quick gains from meme coins fails to contribute meaningfully to industry progress, drawing parallels to the 2018 ICO bubble, which highlighted the shortcomings of such speculative approaches.
While some argue that meme coins act as a gateway for new crypto enthusiasts, Ju questioned whether the potential financial risks justify entry into the crypto realm, particularly given the lack of tangible societal value offered by many “shitcoins” from the 2018 ICO era, which essentially functioned like a high-stakes casino.
Ju further suggested that proponents of meme coins may lack firsthand experience of the negative repercussions associated with easy money. Comparing the scenario to the 2018 ICO craze, the CryptoQuant co-founder acknowledged that while ICOs attracted fresh investors, they at least made genuine efforts to develop viable products.
In contrast, contemporary crypto developers seem more inclined to churn out meme coins rather than engage in substantive product development—a trend that Ju considers even more concerning than the proliferation of “shitcoin” ICOs.
Slerf’s Launch Misstep: Navigating the Fallout
Slerf, a meme coin distinguished by its sloth motif and Solana network integration, made headlines by amassing a staggering $10 million during its presale on March 18th. This token joins a growing list of projects utilizing presales and fundraising initiatives prior to their official launch, riding the coattails of Book of Meme’s recent success earlier this month.
However, disaster struck as the project’s developer inadvertently sent all the funds received to a burn address, effectively relinquishing control over the assets.
Nevertheless, despite this setback, Slerf has surged in popularity, boasting a remarkable $1.80 billion in trading volume over the past day and currently commanding a trading price hovering around $1.
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