The trading volume of the Solana-based meme coin Slerf has surpassed $2 billion, marking a significant milestone in the cryptocurrency market. CoinGecko reports that SLERF, which has been active for just over 24 hours, has achieved a market capitalization of hundreds of billions of dollars, reaching a peak of $650 million. The trading volumes have also peaked at $2.7 billion, with SLERF currently trading near $0.85, showing a remarkable 108% increase in the last 24 hours.

Whales in the cryptocurrency market have shown interest in the new token, with the largest buyer of SLERF depositing 46,742 Solana (SOL) to the Binance exchange. According to Lookonchain data, this unknown whale spent 35,953 SOL to acquire 8.2 million SLERF, establishing themselves as the largest individual holder of the token.

Despite the success of SLERF, some investors have faced significant losses. One user reportedly lost $564,000 by purchasing the new token, highlighting the volatile nature of the cryptocurrency market.

The token’s performance gained momentum following news that the SLERF developer had burned tokens meant for an airdrop, resulting in a surge in interest. The project team announced that they could not refund investors and subsequently listed the asset on various cryptocurrency exchanges such as Bitget, BingX, MEXC, HTX, among others.

In response to the presale mishap, the Slerf team initiated a fundraiser to compensate affected participants, which garnered nearly 3,000 SOL, equivalent to $535 million. This initiative received support from several cryptocurrency exchanges, showing solidarity within the crypto community.

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