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Memecoins have been enjoying impressive returns across the crypto space for the past couple of months, with the Bitcoin price pump further fueling interest among investors.
However, much of these meme coins seem to be riding the wave of hype, with an excellent example being Slerf, a recently launched Solana project that skyrocketed in value after the developer allegedly made a blunder and announced it on social media.
Given the current market trends and price history of the project, we shall try to analyze its potential price movements and make a prediction of where the token may be headed in the upcoming months.
From $0.4 to More than $1.36 In Less than 24 Hours
Solana memecoins have made it to the headlines multiple times in the past weeks and have been trending as some of the most profitable investments to consider right now, with several projects charting 10x gains in short time spans.
This newfound popularity exploded further when Slerf, a brand new sloth-themed token, was created on the 18th of March and deployed after a presale that had managed to raise $10 million already.
The project was soon to take off in popularity like many of its counterparts, but really made it to the front page when a developer of the project tweeted on the official social media channel that they had accidentally sent all the raised funds into a burn address, which means that access to those funds was lost entirely.
This tweet was followed by apologies and promises for reparations, but investors seemed less bothered than ever, as prices saw a pump of more than 150% within a span of 10 hours as per Coinmarketcap.
The trading volume of Slerf exceeded a whopping $3 billion within just 24 hours of the SLERF token incident, overshadowing the trading volume of the currently leading blockchain network Ethereum for the entire day.
As compensation, the project developers urged supporters to donate to a new address they created to reimburse investors who had lost funds in the presale. In fact, the popularity of the token rose to a level where leading exchanges like HTX and Bitgert pledged to donate their SLERF trading fees into the donation wallet account as well.
SLERF Price Prediction
Naturally, Slerf has managed to garner the interest of a massive chunk of investors, so it makes sense to assume that the interest around the token is still there. Taking this into consideration, here are our price predictions for the short term:
2024 (Q2)
While the price of Slerf has seen some correction recently, there is a high possibility that the token will rise in value once again given the current interest around the token potentially rising further. As a token that is currently being featured on every news page, YouTube videos, and more, the likelihood of another pump may be high. This could take the token back to its current all-time high (ATH) and also cross that level, taking it to the $2.4 price range.
Naturally, another pump fueled by hype could take the price of the token significantly higher, but if the token manages to stabilize and experience steady growth, then a realistic prediction for the token value in the next few weeks could be within the $2.4 range.
2024 (Q3-Q4)
It may be difficult to gauge the potential of the token with such a limited history, but taking into consideration similar projects within the Solana space, there is a likelihood of the token seeing a correction after the hype dies down, which could bring back price levels to the $2 range, or in a more bullish setting, manage to sustain the $2.4 range itself.
If Slerf token manages to stay relevant and a popular choice among investors, then the price of Slerf may be able to test the $3.5 range.
Are Memecoins a Good Option to Consider for Investing?
Like Slerf, most memecoins have burst onto the scene without any concrete use case or plans for utility integration. Despite this, these tokens have managed to captivate a substantial portion of the investor population, which ultimately fuels price surges.
Given their historical performance, memecoins might indeed present lucrative investment opportunities, at least in the short term. However, it’s essential to recognize that investing in memecoins can be a high-risk, high-reward scenario.
Dogecoin20 – The Next Big Memecoin?
The Slerf project, with its sloth-themed concept and a bit of controversy, managed to generate significant trading volumes.
This success has made Dogecoin20’s community incredibly optimistic about its potential to become the next big memecoin. Dogecoin20, crafted as a tribute to the original Dogecoin, positions itself as an improved version of the iconic memecoin by not only serving as a value token but also offering investors the chance to earn by simply participating in the project.
Unlike Dogecoin, which operates on its own native blockchain, Dogecoin20 is built on the Ethereum blockchain. This choice of platform makes the token accessible to a broader investor base and introduces the possibility of staking, currently offering attractive APY rates.
With the token still in its presale phase and its popularity on the rise, Dogecoin20’s DOGE20 is being touted as the next Slerf, if not a project that might surpass its predecessor’s success. The new meme coin has so far raised close to $4 million in its presale, since our first review of the project at the $2 million milestone two just days ago.
*Cryptonomist did not write the article or test the platform.
