Slothana, the new red-eyed sloth who lives on Slothana, has raised an eye-watering $10 million barely two weeks into an ICO for his new $SLOTH token.
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.
Tired of the 9-5? So is Slothana!Our office sloth is ready to ditch the daily grind and embrace the world of crypto trading. No more getting high on herb, just high on profits! Send SOL to help our sloth go from 420 couch surfer to $420m crypto chad! #slothana #memecoin
— Slothana (@SlothanaCoin) March 25, 2024
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 $420 million market cap.
So, given the fact that presales don’t last forever, it’s impossible for him to get there over the course of one ICO.
However, the industry has a couple of price-driving narratives to look forward to in the coming weeks. Due to their whimsical and highly speculative FOMO appeal, meme coins often exaggerate broader market movements.
The first is the fourth quadrennial Bitcoin halving next week on Friday, April 19.
The halving is an event in Bitcoin’s code that slashes miners’ rewards in half. Since miners control the issuance of new Bitcoin, this effectively cuts the new supply in half.
Supply and demand dictates that when there is a supply squeeze at times of high demand, commodities become more valuable.
Behold! Slothana, the prophesied lord and saviour of crypto, has risen today with a divine purpose: to bestow gains and lambos upon the worthy. Rejoice as he blesses you all with his benevolence, and bask in the glory that is our Lord Slothana. #CryptoSavior #Slothana pic.twitter.com/ppagkKJPkx
— Slothana (@SlothanaCoin) April 4, 2024
Bitcoin halvings have historically preceded bull runs. Analysts believe this year will be no different, thanks to demand created by Wall Street’s interest in spot Bitcoin ETFs, which were approved by the SEC earlier this year.
The following month, on May 23, 2024, the SEC must deliver a verdict on a round of spot Ethereum NFTs.
Again, given the historical precedent with Bitcoin, the industry sees US spot Ethereum ETF hype as a strong potential price driver across the market, particularly on a chain like Solana which outperforms Ethereum for speed and scale.
Slothana Is The New Project By Smog’s Makers?
Word on the grapevine is Slothana is from the same team that launched Smog ($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.
The post 420-Friendly Solana Meme Slothana Raises $10 Million In Time Sensitive ICO appeared first on Cryptonews.