Solana's new meme coin Slothana surged 107% in 24 hours

Slothana ($SLOTH) sells well! Pre-orders and early investors celebrated the dazzling returns, with the meme coin rising 107 percent in the last 24 hours to an all-time high of $0.032, according to DexTools.

$SLOTH went live earlier this month after raising a staggering $15 million in a month-long pre-sale that ended in April. After a token airdrop to purchasers on Wednesday, the token entered the market.

Yesterday, the meme coin was going up dramatically. Buying momentum appears to have been boosted by a series of developments that continued this week.

On Wednesday, the token airdrop ended and $SLOTH landed on Raydium, a decentralized exchange on the Solana blockchain. The team also announced via its X account that it has filed for listing with two of the most popular cryptocurrency aggregators, CoinMarketCap and CoinGecko, a clear indication of the project's ambitions for market share.

On Thursday, the team announced that they have now relinquished all control of the $SLOTH smart contract. This means that all tokens are now in circulation.

Finally, the Slothana team revealed a new destruction mechanism whereby every time the price of $SLOTH is increased by one cent, a corresponding number of tokens (multiplied by one million) will be destroyed. If it sounds confusing, it's not, this mechanism is designed to increase the scarcity of Slothana, further driving value, and setting the stage for a potentially intense future rally, because as the price of the token rises, so does its rarity.

The performance of $SLOTH's debut on a decentralized exchange

Slothana's trading chart during the week shows that after the airdrop campaign ended on the evening of May 8 UTC, the token began to rise sharply. Since then, the token has formed a typical bullish pattern, with sharp rises followed by short consolidation periods.

The price of $SLOTH is also pretty good right now. The relative strength index is at 59 and falling, indicating that the asset is not overbought and some healthy selling momentum is building to offset speculation and give the token a little rest before the next rally.

It is likely to soar again. In the last 24 hours, the trading volume of the token, which has a market capitalization of $54 million, has reached a staggering $11.57 million, with trades between more than 36,000 holders.

The surge in demand for Slothana has prompted two exchanges to announce the listing of the token for trading on X starting yesterday. Both XT.com and Poloniex exchanges announced their new $SLOTH listing plans at noon UTC.

People also believe it is a memecoin that will give them value. On DexTools, the token's contract has been verified and the project has a DEXTscore of 82/99. In addition, according to the token's profile, about 93.5% of the community's voters trust it.

Clearly, this fun and eclectic meme coin is growing. From a stunning launch to a feverish launch, Slothana has become one of the most successful debuts ever on Solana.

Slothana's ICO raised $15 million

Slothana's month-long ICO, which closed at the end of last month, attracted up to $15 million in investments.

Favorable timing helped the success of the project, coupled with the growing demand for memoins that offer different laughs, which are currently vying for dominance in the space, And not just the usual Shiba Inu dog meme-themed coins like Shiba Inu, Dogecoin, Bonk, DogWifHat, and Floki.

First, Slothana is rooted in the counterculture. From the clock hands on the wall pointing to 4:20 to its hazy red eyes, Slothana's allegiance to the army of cannabis enthusiasts around the world was evident when it was born.

In keeping with the laid-back atmosphere, Slothana is a sloth. Like its predecessor Slerf ($SLERF), it creates more space for the meme coin space, going beyond the usual Shiba Inu dog meme-themed coins like Shiba Inu, Dogecoin, Bonk, DogWifHat, and Floki.

Just after the International Cannabis Smokers' Festival 420 weekend, the day of Bitcoin's halving update, Slothana's pre-sale revenue jumped from $10 million to $15 million.

With the success of cryptocurrencies this year closely tied to the news cycle, Slothana holders are looking forward to several exciting post-IPO rallies in the future.

A bull market ahead of the slothana and solana ecosystems in 2024?

On Slothana's favorite day of the year, April 20, a pre-programmed quadrennial Bitcoin software update, known as "halving," makes mining bitcoin twice as difficult for the same returns.

With the market moving in step with Bitcoin, this supply shock has led to significant bull runs after the past three halves, and analysts expect this year to be no different.

When Bitcoin is in a bull market, so is the entire market. Almost all of the leading cryptocurrencies track the price action of Bitcoin, and earlier this year, in late February/early March, many projects achieved their biggest gains so far this year. Bitcoin hit a new high of $73,737.94 on March 14.

It is also an exciting time to join Solana. As the second most important commercial blockchain for cryptocurrencies, Solana is rapidly overtaking Ethereum as the blockchain of choice for tomorrow's most important memecoin.

In a relatively short period of time, projects like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME), and Popcat ($POPCAT) have risen to become the top 10 memes by market cap. Demand for more is also high. Some recent high-profile projects on Solana include Dogeverse, a multi-chain dogecoin alternative, and Sealana, a national crypto exchange.

The reasons for the rise of the web are no mystery. Solana is a digital economy where the total lock-in value (TVL) of various applications and financial services has exceeded $4 billion, with more than 1.15 million daily active users making transactions and more than 2,500 monthly active developers.

Ethereum ETF Catalyst?

A key catalyst for Bitcoin's rally this year has been its emergence as a multibillion-dollar investment product in the United States thanks to the launch of 11 spot Bitcoin ETFs in January.

Now, analysts say the spot Ethereum ETF is coming next, on May 23 - the first deadline for the SEC to rule on the latest round of spot Ethereum ETFs. If Ethereum investment products are approved in the United States, it will show the world that cryptocurrencies are more than just Bitcoin.

This could spark an explosive rally, not just on Ethereum, but on so-called "Ethereum killer" blockchains that also deploy high-functioning smart contracts, such as Solana, Slothana's homegrown blockchain.

So, the pre-sale window for $SLOTH may be over, but it's not too late to join the most interesting and aggressive group of new memes in cryptocurrency. After the airdrop, visit Slothana's official website.