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As the GFOX presale aims for the $6 million mark, SLERF, one of Solana’s latest blockchains is in the news this week following a $10m disaster.
The recently launched token is in the spotlight for an “accidental” burn of nearly 50% of its total token supply. The incident has raised questions on the motive of the token creators and the “accidental burn,” with some calling it an ingenious 4D chess marketing scheme to bring hype to the token launch.
Amidst the SLERF saga, 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 the potential of memecoin in 2024. As the crypto world watches these two tokens unfold, it’s clear that Solana’s ecosystem is brimming 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 the presale funds to a burn address. This resulted in the loss of nearly 50% of the token’s supply and the $10 million allocated to presale participants.
The developer publicly acknowledged the error on X (formerly Twitter) around 9:00 a.m. on March 18, explained what happened, and expressed deep regret about the incident. The anonymous developer was also quick to apologize, explaining that there is no way to further mint the tokens since the minting authority has been revoked by the token’s contract. The liquidity provider and tokens allocated for the airdrop were also burned.
Despite the developer’s apology, some investors are taking advantage of the situation. Market data revealed the price of SLERF increased drastically after the burn with some investors buying more SLERF tokens with their Solana holdings. This has further increased the demand for and price of the new memecoin. It was reported on X that a whale wallet had realized over $3 million in profits within 12 minutes of buying SLERF. The report suggested that the whale spent $1.98 million worth of 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 burn has sparked a debate in the crypto community. Some investors believe the “accidental burn” is a marketing scheme to gain the attention of investors and increase the token’s price, while others believe that the developer’s acknowledgment and apology are indications that the burn was accidental. Since the token’s price surged after the developer’s post on X, the former stance appears to be more viable. While investors are still curious as to the motive for the “accidental burn,” GFOX has continued on its steady price rise as it approaches $6 million.
GFOX presale heads to $6 million
GFOX is one token charting 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 in-game token rewards for every player. At the end of each gaming season, the top 20% of players will earn prizes, which they can exchange for GFOX tokens.
The Galaxy Fox ecosystem also has a marketplace and a proposal for about 3,000 exclusive NFTs for GFOX holders. The network also dedicates 2% of transaction fees to its community’s growth and sustainability across social media platforms.
With GFOX, staking rewards are available to early investors from the presale. Thanks to the network’s protocol burn, GFOX is a deflationary asset that is expected to experience increased demand, value, and price in subsequent months.
Over the past five months, GFOX has garnered over $5.2 million through 10 presale stages. The token is currently worth $0.00364. At this rate, the token is expected to reach $6 million in a few weeks.
Final thoughts
While investors are waiting to see how things unfold with SLERF, GFOX has been the perfect alternative investment option. The token has over the last 5 months soared through 10 presale stages earning over $5.3 million in sales. GFOX has been listed by analysts as 2024’s one of the most promising meme coins, with multiple utilities and potential for passive income generation for holders.
To learn more about this project, Visit the Galaxy Fox presale or Join the community
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This article first appeared at crypto.news
