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As GFOX pre-sales aim for the $6 million mark, SLERF, one of Solana's latest blockchains, is in the news this week following a $10 million disaster.
The recently launched token is in the spotlight for an “accidental” burn of almost 50% of its total token supply. The incident has raised questions about the motive of the tokens' creators and the “accidental burning,” with some calling it a clever 4D chess marketing plan to generate excitement for the token launch.
Amid the SLERF saga, the ERC-20 meme token GFOX has been making waves with its meteoric rise. This hybrid memecoin has already achieved a staggering $6 million in sales, setting a new benchmark for memecoin potential in 2024. As the cryptocurrency world watches these two tokens develop, it is clear that the crypto ecosystem Solana is packed with multiple investment opportunities.
SLERF's $10 Million Disaster
SLERF is a sloth-themed meme coin that made headlines on March 18 when the anonymous developer claimed to have accidentally sent pre-sale funds to a burned address. This resulted in the loss of almost 50% of the token supply and the $10 million allocated to pre-sale participants.
The developer publicly acknowledged the bug on X (formerly Twitter) around 9:00 a.m. on March 18, explained what happened, and expressed deep regret over the incident. The anonymous developer was also quick to apologize and explained that there is no way to continue minting the tokens as the minting authority has been revoked by the token contract. The liquidity provider and tokens allocated for the airdrop were also burned.
Despite the promoter's apology, some investors are taking advantage of the situation. Market data revealed that the price of SLERF increased sharply after the burn and some investors purchased more SLERF tokens with their Solana holdings. This has further increased the demand and price of the new memecoin. It was reported on X that a whale wallet had made over $3 million in profits within 12 minutes of purchasing SLERF. The report suggested that the whale spent $1.98 million on SOL to buy 69.74 million SLERF and sold them for $5 million.
In solidarity with the anonymous developer, some crypto exchanges have pledged their support for SLERF. HTX, Bitget, and BingX have announced plans to donate trading fees to traders who participated in the non-public sale of SLERF on their platforms. These announcements were made publicly on X, as the exchanges showed their support for the SLERF community.
The accidental burning has sparked a debate in the crypto community. Some investors believe that the “accidental burn” is a marketing plan to attract the attention of investors and increase the price of the token, while others believe that the developer's acknowledgment and apology are indications that the burn was accidental. Since the price of the token increased after the developer's release on X, the above stance seems to be more viable. While investors are still curious about the reason for the “accidental burn,” GFOX has continued its steady price rise as it nears $6 million.
GFOX pre-sale reaches 6 million dollars
GFOX is a token that charts a new course for other memecoins in the crypto space. GFOX is a hybrid token with multiple utilities on the Galaxy Fox network and premium potential for passive income.
Galaxy Fox combines play-to-earn (P2E) and memecoin features to create financial rewards and premium entertainment value for investors. Its P2E Web3 endless runner game has token in-game rewards for each player. At the end of each gaming season, the top 20% of players will win prizes, which they can redeem for GFOX tokens.
The Galaxy Fox ecosystem also has a marketplace and proposition for around 3,000 NFTs exclusive to GFOX holders. The network also dedicates 2% of transaction fees to the growth and sustainability of its community on social media platforms.
With GFOX, staking rewards are available to early investors from pre-sale. Thanks to the burning of network protocols, GFOX is a deflationary asset that is expected to see increased demand, value and price in the coming months.
In the last five months, GFOX has raised more than $5.2 million across 10 pre-sale stages. The token is currently worth $0.00364. At this rate, the token is expected to reach $6 million within a few weeks.
Final thoughts
While investors wait to see how things develop with SLERF, GFOX has been the perfect alternative investment option. Over the past five months, the token has rocketed through 10 pre-sale stages and has garnered over $5.3 million in sales. Analysts have listed GFOX as one of the most promising meme coins of 2024, with multiple utilities and passive income generation potential for holders.
To learn more about this project, Visit the Galaxy Fox pre-sale or Join the community
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