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Presale and early investors are now celebrating blistering returns for Solana’s hottest new pothead meme coin, Slothana. The $SLOTH token has risen 107% in the last 24 hours to hit an all-time high of $0.032, according to data by DexTools.
$SLOTH went live at the beginning of the month after raising an eye-watering $15 million in a month-long presale that ended in April. It hit the market after tokens were airdropped to purchasers on Wednesday.
Today, the meme coin is pumping hard. The buying momentum appears to be driven by a steady string of developments this week.
On Wednesday, the token airdrop concluded and $SLOTH hit the Solana-based decentralized exchange (DEX), Raydium. The team also announced through its X account that it submitted applications for listing on the two most popular crypto aggregators: CoinMarketCap and CoinGecko, a clear nod to the project’s market-capturing ambition.
On Thursday, the team announced it has now renounced all control of the $SLOTH smart contract. That means all tokens are now in circulation.
Finally, today, the Slothana team revealed a new burn mechanism, whereby every time the price of $SLOTH increases by a cent, a corresponding number of dollars worth of tokens (multiplied by a million) will get burnt. If that sounds confusing, it really isn’t. Just look at the tweet:
Slothana tokens are at risk of going up in smoke! As the $SLOTH price climbs, the forest fires rage quicker, turning $SLOTH tokens to ashes.
$0.03 = $3m $SLOTH burnt
— Slothana (@SlothanaCoin) May 10, 2024
$0.04 = $4m $SLOTH burnt total
$0.05 = $5m $SLOTH burnt total
$0.06 = $6m $SLOTH… pic.twitter.com/xdhd69JD55
This mechanism serves to increase Slothana’s scarcity, further driving value and setting the scene for potentially explosive future rallies as the token literally gets rarer as it gets pricier.
$SLOTH’s DEX Debut
Slothana’s trading chart over the week shows a token that began rallying hard after the airdrop concluded on the evening of May 8, UTC. The line forms textbook bullish patterns from then on, with steep upward climbs followed by brief periods of consolidation.
$SLOTH is priced well right now, too. A Relative Strength Index of 59 and falling indicates the asset is not overbought and some healthy selling momentum is picking up to counterbalance the speculation as the token takes a breather before its next upward swing.
It’s likely to rocket again. In the last 24 hours, trading volumes for the $54 million market cap token hit a staggering $11.57 million between over 36,000 holders.
The surging demand for Slothana has led two exchanges to announce on X that they are listing the token for trading as of today. Both XT.com and Poloniex announced their new $SLOTH listings by lunchtime, UTC.
People trust it as a meme coin that will bring them value, too. On DexTools, the token’s contract has been verified and the project has a DEXTscore of 82/99. Additionally, some 93.5% of community voters trust it, according to the token’s profile.
Clearly this fun and irreverent pothead meme coin is only gaining momentum. From a staggering launch to a feverish listing, Slothana is already one of Solana’s all-time top debuts on Solana.
The Slothana Presale: $15 Million Raised
Slothana’s month-long ICO ended at the end of last month after attracting a sweltering $15 million in investments.
Auspicious timing helped make the project a success, together with a growing appetite for meme coins that offer a different species of laughs to the gamut of Dogecoin copycats currently vying for supremacy in the sector.
To begin with, Slothana is rooted in counterculture. From the clock hands on the wall reading 4:20 to his hazed red eyes, Slothana was born overtly signaling his allegiance to the army of potheads around the world.
In keeping with the lackadaisical vibe, Slothana is a sloth. Like his predecessor Slerf ($SLERF), he creates space for a much more diverse meme coin sector, beyond the common run of Shiba Inu doge meme-themed coins like Dogecoin, Shiba Inu, Bonk, DogWifHat and Floki.
Immediately after the weekend of the international stoner holiday, April 20, which was also the day of Bitcoin’s halving update, Slothana’s presale takings leapt from $10 million to $15 million.
With crypto’s success this year closely tied to the news cycle, two more price-driving events have Slothana holders banking on some heady post-launch rallies on the horizon.
Is A 2024 Bull Run Coming For Slothana And The Solana Ecosystem?
On Slothana’s favorite day this year, April 20, a pre-programmed quadrennial Bitcoin software update called “the halving” made mining Bitcoin twice as hard as to get the same rewards.
Since the market moves in step with Bitcoin, this supply shock has previously resulted in significant bull runs within a year of the last three halvings and analysts expect this year to be no different.
When Bitcoin is on a bull run, so too is the rest of the market. Virtually every leading cryptocurrency tracks the price movements of Bitcoin, with late February/early March accounting for the steepest gains so far this year across many projects. Bitcoin set a new high watermark of $73,737.94 on March 14.
Prepare for the rise of Slothana! With our coffers overflowing, it’s time to embark on a Sloth crusade to establish a global empire. Slothana’s reign is imminent. Anyone who stands in its way will face the wrath of the holy Slothana army! #SlothanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024
It’s also an exciting time to be on Solana. Crypto’s second-most commercially important blockchain is rapidly outdoing Ethereum to become the go-to blockchain for tomorrow’s biggest meme coins.
In relatively little time, projects like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT) have risen to become top ten market cap meme coins. The market is hungry for more, too. Some of the most hyped launches on Solana recently include the multi-chain Dogecoin-killer Dogeverse and Sealana, the all-American crypto trading Seal.
It’s no mystery why the network is rising. Solana is a digital economy housing over $4 billion in total value locked (TVL) across various apps and financial services, with over 1.15 million active users transacting daily and over 2,500 monthly active developers.
Will Ethereum ETFs Be A Catalyst?
One key catalyst for Bitcoin’s rallies this year came from the fact that Bitcoin became a multi-billion dollar investment product in the US this year thanks to the January launch of 11 spot Bitcoin ETFs.
Now, analysts suggest that spot Ethereum ETFs are coming next, on May 23 – the SEC’s first deadline to return a verdict on the latest round of spot Ethereum ETFs. Should Ethereum investment products get approved in the US, that would be a clear sign to the world that crypto is more than just Bitcoin.
That could foment some explosive rallies across not only Ethereum, but also so-called “Ethereum killer” blockchains that also deploy high-functionality smart contracts, like Solana, Slothana’s native blockchain.
So, the $SLOTH presale window may be over, but it’s not too late to join crypto’s funniest and most subversive new meme coin crowd after the airdrop.
Visit Slothana’s official website here.
Follow the latest developments on Slothana’s X account.
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