Solana meme coins like Slerf have bolstered on-chain activity on the altcoin network as pre-sale projects rack up millions in SOL in a matter of hours.
Solana (SOL) decentralized exchanges (DEX) surpassed native ethereum platforms such as Uniswap and Binance Smart chain-based solutions such as Pancakeswap in trading volume over the past 24 hours amid a memecoin marathon .
According to CoinGecko, Raydium, Jupiter, and Orca took the top three spots in daily trading activity across all indexed on-chain exchange venues. Raydium's $2.2 billion, Jupiter's $2.1 billion, and Orca's $1.4 billion surpassed the $1.2 billion and $682 million recorded by Uniswap and Pancakeswap, respectively.
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Solana's Slerf and others boost cryptocurrency gaming
CoinGecko also marked the most popular Raydium pair as SLERF/SOL, a meme coin that wiped out $10 million in SOL raised by speculators and early investors during its pre-sale round.
The project's website said its main contributor pumped $200,000 or around 1,000 SOL into the pre-launch of the meme coin. The investor was unable to make profits due to a mistake by the Slerf developer, who claims to have burned all SOL tokens raised by liquidity providers.
Slerf rose from $1.5 million to nearly $1 billion in market capitalization, generating buzz and earning multiple listings on centralized exchanges before falling below a $300 million valuation. Traders traded more than $2 billion of the meme currency in its first 12 hours.
The trend of raising millions in SOL within hours of a pre-sale announcement is quickly becoming common in the Solana ecosystem. As reported by crypto.news, nft project Milady attracted $18 million in two hours after sharing its latest offering dubbed Milady wif hat.
The idea is inspired by the viral Dogwifhat (WIF) meme, which raised a market capitalization of $3.2 billion earlier this month.
Sustained interest in the Solana ecosystem has also benefited the SOL token. In the past week, SOL has risen more than 35% above $200, less than 25% from its previous all-time high of $259, reached in November 2021.
