The meme coin frenzy that gripped the crypto market just a few weeks ago appears to be fizzling out.
Former darling SLERF (SLERF) has plunged over 40% in the past seven days. Now, traders continue to book profits following its explosive rally.
However, one project that’s managed to defy the downturn and capture attention is the sloth-themed Slothana (SLOTH) token and its ongoing ICO.
SLERF Token Price Falls 40% as Meme Coin Hype Cools Off
The hype that catapulted SLERF to viral stardom has come crashing down to earth.
SLERF is now trading around $0.466 – a staggering 40% plunge from just seven days ago.
This latest downswing has erased all of SLERF’s gains since March 18. Subsequently, the token is now at its lowest price since that date.
As the selling intensified, SLERF’s market cap dipped below the $250 million mark, erasing its top-200 status.
One of the most actively traded meme coins, SLERF has posted spot volumes of $322 million over the past 24 hours. However, it has been unable to shake the intense profit-taking that’s crippling its progress.
As such, traders are bailing out of SLERF en masse – likely securing profits before the token’s price falls even further.
With SLERF’s bull run ending so abruptly, the growing consensus seems to be that the hype around this sloth-themed token is fizzling out.
Top Meme Coins Drop Amid Enormous Profit-Taking
The sell-off decimating SLERF’s price isn’t an isolated event either.
Nearly the entire meme coin market has been in the red over the past day. Furthermore, speculation around the sector appears to be drying up.
Overall, the combined market cap for all meme-themed cryptos has plunged below $60 billion thanks to widespread profit-taking.
Notably, all of the top 6 meme coins by market cap have posted sizable losses in the last 24 hours.
dogwifhat (WIF), one of the standout performers during the last bull phase, has shed nearly 15% of its value in that span.
Other major names, such as Floki (FLOKI) and Pepe (PEPE), have also declined by over 10%, unable to withstand the wave of selling pressure.
In fact, the only two meme coins in the top 10 by market cap to kick off the week in the green have been Book of Meme (BOME) and Memecoin (MEME).
With most of the former heavyweight gainers losing value, traders are beginning to seek out the next potential opportunities to front-run before the hype builds again.
Slothana ICO Attracts $5.9M as Meme Coin Investors Hunt for Next Breakout Star
As the meme coin market grapples with heavy selling pressure, one project has managed to create immense buzz – and attract significant capital inflows.
That project is Slothana, whose ongoing token presale has already raised a whopping $5.9 million from buyers looking to get in early on the next potential meme coin explosion.
For each SOL invested in the Slothana presale, purchasers receive 10,000 SLOTH in return.
While details are still being finalized, Slothana’s team plans to airdrop these SLOTH tokens directly into presale participants’ wallets once the crowdfunding phase concludes.
Early investors are already looking forward to this airdrop, which will occur just before SLOTH makes its exchange debut.
Though no specifics have been revealed, Slothana’s team has hinted at listings on both a CEX and a DEX for SLOTH.
The project already has a following of over 8,200 on Twitter alone, demonstrating the growing buzz around the token and its prospects.
The buzz has even transcended social media, with popular YouTubers like Crypto ZEUS and Crypto Gains hyping up Slothana’s potential.
For the abundance of retail investors burned by the recent meme coin selloff, this sloth-themed project is emerging as a tempting opportunity to get in on the next big thing.