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420-Friendly Solana Meme Slothana Raises $10 Million In Time Sensitive ICO
Tim Hakki
Last updated:
April 8, 2024 11:30 EDT | 2 min read
The news comes as Solana meme coins follow market leaders Bitcoin and Ethereum into a small market-wide rally off the back of anticipation of the Bitcoin halving next week
Ethereum’s sophisticated smart contract functionality made it the network of choice for meme coin projects for a long time. However, with the expansion and development of so-called “Ethereum killer” Solana, the high-speed Layer 1 blockchain has usurped Ethereum’s dominance in this sector
In just a fortnight, traders have poured $10 million into an ICO for new Solana meme coin Slothana ($SLOTH) to try and recapture some of the early upside potential of established Solana funny tokens like Slerf, DogWifHat and Bonk.
Slothana’s persona is simple: he’s a lazy critter who lives and works on the blockchain.
But with his permanently hazed red eyes, he can’t hide the fact that he really doesn’t want to work; he’s eyeing the clock because he wants to go from 420 to $420 million.
Will Slothana (SLOTH) Reach $420 Million?
If Slothana can raise $10 million in two weeks, it would take him 84 weeks at current levels of demand to reach a $420 million market cap.
So, given the fact that presales don’t last forever, it’s impossible for him to get there over the course of one ICO
However, the industry has a couple of price-driving narratives to look forward to in the coming weeks. Due to their whimsical and highly speculative FOMO appeal, meme coins often exaggerate broader market movements.
The first is the fourth quadrennial Bitcoin halving next week on Friday, April 19
The halving is an event in Bitcoin’s code that slashes miners’ rewards in half. Since miners control the issuance of new Bitcoin, this effectively cuts the new supply in half
Supply and demand dictates that when there is a supply squeeze at times of high demand, commodities become more valuable
Bitcoin halvings have historically preceded bull runs. Analysts believe this year will be no different, thanks to demand created by Wall Street’s interest in spot Bitcoin ETFs, which were approved by the SEC earlier this year.
The following month, on May 23, 2024, the SEC must deliver a verdict on a round of spot Ethereum NFTs
Again, given the historical precedent with Bitcoin, the industry sees US spot Ethereum ETF hype as a strong potential price driver across the market, particularly on a chain like Solana which outperforms Ethereum for speed and scale
Slothana Is The New Project By Smog’s Makers?
Word on the grapevine is Slothana is from the same team that launched Smog ($SMOG), which rallied many multiples after ending its presale and listing. If true, investors can have confidence that $SLOTH is capable of pumping post-listing.
With time ticking and $SLOTH launch dates not yet released, interested investors should hurry to join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA or using the contribution widget on the Slothana website.
Visit Slothana Here
Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.