It is expected that SLOTH will become the next popular meme coin on the Solana blockchain.
Within just a few days, traders have pumped $1.5 million into the initial coin offering (ICO) of Slothana (SLOTH), a new meme coin on the Solana blockchain, seeking to capitalize on the early potential of strong humorous coins on Solana like Slerf, DogWifHat, and Bonk.
Now, Solana has a new meme coin inspired by the sloth animal, which lives and operates on the Solana blockchain, but its constantly sarcastic red eyes give the impression that it’s not really interested in working. No, it aims for something bigger: transforming from a lazy aimless person to one of the crypto whales who own $420 million.
Meme coin monitoring channels are currently buzzing with rumors that the development team behind Slothana is the same team that launched Smog (SMOG), which saw a strong surge after its pre-sale and listing on trading platforms.
SLOTH has already raised $1.5 million in just two days of its pre-sale, which continues to achieve more success with every passing minute.
On the other hand, Slothana (SLOTH) honors the humble sloth animal, which inspired the successful Slerf project on the Solana blockchain as well.
Slerf was launched in mid-March this year and recently saw impressive daily returns due to the overall market rebound, attracting investors to Solana-based meme coins.
For years, Ethereum and its ERC-20 standard have been the go-to blockchain for creating meme coins. Now, its competitor, the Solana blockchain, is creating its own class of meme coins, and leading projects typically see significant returns during major market buying cycles.
Slothana (SLOTH) will benefit from the Bitcoin halving event. Despite Bitcoin’s launch in 2009, one fact remains: the largest cryptocurrency by market capitalization still sets the pace for the rest of the sector.
However, meme coins, which are usually considered the most volatile investments in the crypto world, are likely to see repeated returns in the coming months in anticipation of the Bitcoin halving event scheduled for April 19, which will reduce Bitcoin mining rewards by half, reducing the rate of new Bitcoin issuance.
Meanwhile, institutional interest in Bitcoin is currently at its all-time high. The world’s favorite digital currency is currently trading just 3% below its all-time high of $73,737.94, set about two weeks ago on March 14, with massive institutional Bitcoin purchases following the approval of 11 Bitcoin exchange-traded funds (ETFs) in January.
It’s worth noting that ETFs are regulated investment instruments that allow anyone with a brokerage account to buy and own Bitcoin to benefit from its price appreciation through these secure and regulated investment products.
So, if institutional demand for Bitcoin is currently at its highest ever, what will happen when new Bitcoin supply decreases after the halving?
Well, the answer is clear and proven: the law of supply and demand, which determines prices, has caused significant upward surges in Bitcoin’s price during the three previous halving events.
Therefore, the increasing interest in Bitcoin is likely to attract attention to the entire crypto market, creating favorable conditions for meme coin price increases.
In any case, visit the website to learn more about the project. You can purchase the currency by sending Solana (SOL) coins to the following address:
EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
1,000 SLOTH coins can be purchased for one SOL coin, meaning the price of SLOTH is approximately $0.018599 at the time of writing this news, knowing that this price will increase as the pre-sale stages progress.
