One of the latest growth leaders in the meme cryptocurrency niche is the new Slerf coin (SLERF). Two traders lost a total of $1.3 million in a matter of hours when trading the meme token. Meanwhile, whales buy SLERF and pocket multi-million dollar profits.
It is clear that not the luckiest traders lost a total of 1.3 million dollars in a matter of hours. This is the fate that members of the crypto community suffered while trading the new meme cryptocurrency Slerf (SLERF)
New Solana-based meme cryptocurrency Slerf (SOL) didn’t debut on the most positive note, but this is what sparked a wave of excitement around the token. Whales are simply loving the token, but some traders are losing hundreds of thousands of dollars because of it.
Slerf (SLERF): The Best Strategy?
LookOnChain analysts drew attention to a trader who, as a result of several transactions, lost 775 thousand dollars in one hour. He first spent 5,004 SOL for 790,236 SLERF at a price of $1.32, which was the highest for the meme cryptocurrency. After this, the figure began to fall rapidly.
The negative dynamics did not stop the trader. When the Slerf’s value recovered, he spent another 2,500 SOL to buy 650,330 SLERF at a price of $0.8.
However, the price of the meme cryptocurrency collapsed again. Therefore, a member of the crypto community decided to sell all his tokens. In the end, he received only 3,774 SOL, losing a total of 3,731 SOL (775 thousand dollars).
A similar situation occurred with another trader. He lost 2,793 SOL, or $564,000, by purchasing SLERF tokens worth 4,958 SOL (around $1 million).
Whales Buying Slerf and Still Profitable
According to LookOnChain analysts, SLERF is popular among whales. For example, an address that had 158,786 SOL ($32 million) spent 3,024 SOL to purchase 1.7 million tokens from the Slerf project at a price of $0.35.
The whale had never bought other coins before, so the new meme cryptocurrency was his first addition. The day before, another whale wallet withdrew around 10,100 SOL from the Binance cryptocurrency exchange and spent almost all the funds on purchasing 2.39 million SLERF.
During a significant surge in the meme cryptocurrency price, a trader sold 1.43 million SLERF to recoup what he originally spent. As a result, the user’s net profit amounted to 961,165 SLERF, or $1.24 million.
Slerf (SLERF): Stupid Mistake or Fraud?
The launch of the SLERF token occurred in an unusual way. Before listing on major crypto exchanges, the developer accidentally burned all the project tokens he raised during the pre-sale. The total amount of funds lost was 10 million dollars.
Some members of the crypto community suggested that this move could be intentional. However, many trading platforms responded to the incident and offered their support to the project. Supporters included Tron creator Justin Sun and crypto platform Bitget.
However, in the first 24 hours the trading volume of the Slerf meme cryptocurrency project exceeded $3 billion, thanks to which the cryptocurrency became one of the 10 leaders in the sector in terms of capitalization, with an indicator of more than 400 million dollars.
According to CoinGecko, SLERF is trading at $0.8078. In the last 24 hours, the meme cryptocurrency has risen in price more than 70%.
By Leonardo Perez
