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The Slerf price dropped more than 18% in the last 24 hours to trade at $0.4612 as of 8:25 a.m. EST as investors offload their holdings in the meme coin.
This latest drop in price has pushed SLERF’s weekly performance deeper into the red with a 41% crash.
Amid the declining price, the project’s team announced in an Apr. 1 X post that presale buyers who spent more than 5 SOL will be able to use any unreceived funds sent to the ICO to claim an NFT from an upcoming collection.
Dear Preslerfers, If you sent over 5 Sol to the token presale you will be able to spend your unreceived funds from presale on claiming a NFT from the upcoming collection (If you choose to).
Each claim will deduct 5 Sol from your owed refund.
Share this so the others see. Turn… pic.twitter.com/kq8MCHN4t6
— Slerf (@Slerfsol) April 1, 2024
This follows the meme coin’s very unusual market entry with its developer accidentally sending $10 million worth of presale tokens to a burn address. Several players in the crypto space have since come together to form the Slerf Donation Program with the aim of reimbursing presale participants.
The Slerf Price Loses Key Support
4-hour chart for SLERF/USDT (Source: TradingView)
The Slerf price broke below the key support level at $0.5643 over the past 24 hours and sellers have managed to keep the meme coin’s value below this key mark. A negative trend line has also formed on the altcoin’s charts after it printed a series of lower highs in the past few days. If traders continue to dump the crypto, SLERF could be at risk of retesting the next key support level at $0.3382 in the coming 24 hours.
The Slerf price reclaiming the $0.5643 support in the next 24 hours might invalidate the bearish thesis. However, the meme coin will not be entirely out of the woods, as it will still need to overcome the descending trend line on its charts. Breaking above this level could then open up a path for SLERF to climb to the subsequent resistance level at $0.9416 in the short term.
Technicals Warn The Slerf Price Might Keep Falling
Technical indicators on SLERF’s 4-hour chart suggest sellers may continue to force the meme coin’s price down in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
This is after SLERF entered into a negative cycle, which was signaled by the rejection the MACD line received from the MACD Signal line in the last couple of days. With the former breaking away below the latter, it seems the bearish momentum shows no signs of slowing down just yet. Sellers have the upper hand against buyers as well, as evident by the RSI which is positioned below its Simple Moving Average (SMA) line on the 4-hour chart.
While SLERF tries to fend off sellers, many of them appear to be pouring large amounts of SOL into the new Solana meme coin Slothana.
Taking The Solana Ecosystem By Storm
Solana has overtaken Ethereum as the top blockchain pick for new meme coins, with investors pouring millions of dollars into SOL tokens launched in the past few weeks. Slothana (SLOTH) is looking to capitalize on this hype and repeat the early success of predecessors including Bonk (BONK) and Dogwifhat (WIF).
⏰ Tired of the 9-5? So is Slothana!🦥Our office sloth is ready to ditch the daily grind and embrace the world of crypto trading. No more getting high on herb, just high on profits! Send SOL to help our sloth go from 420 couch surfer to $420m crypto chad! #slothana #memecoin
— Slothana (@SlothanaCoin) March 25, 2024
Slothana’s strategic timing has paid off so far. Investors have sent more than $5.9 million to the ‘send SOL’ style presale. This rush to the meme coin is fueled by speculation that the project’s founders are the same team that launched Smog (SMOG), which printed over 30x returns for early investors.
Keeping It Simple
Unlike other recently-launched meme coins that offer some degree of utility, Slothana has stayed true to the meme coin culture and relies almost entirely on community support and hype.
The team has also opted for a more straightforward approach that focuses solely on making it easy to purchase the meme coin, and have not written detailed whitepapers or compiled an elaborate roadmap.
Anyone looking to get in on this promising new meme coin before it’s too late can send SOL to the project’s wallet address. One SOL token buys 10,000 SLOTH.
You also can buy SLOTH here.
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