Solana meme coins like Slerf have been driving on-chain activity on the altcoin network as pre-sale projects stack millions in SOL within hours.

Solana (SOL) decentralized exchanges (DEX) have surpassed Ethereum-native platforms such as Uniswap and Binance Smart chain-based solutions like Pancakeswap in trading volume over the last 24 hours during a memecoin marathon.

According to CoinGecko, Raydium, Jupiter, and Orca have secured the top three spots for daily transaction activity across all indexed on-chain swapping venues. Raydium recorded $2.2 billion, Jupiter $2.1 billion, and Orca $1.4 billion, outperforming Uniswap’s $1.2 billion and Pancakeswap’s $682 million.

DEX 24-hour trading volume | Source: CoinGecko

You might also like: Slerf creator burns $10m raised from investors due to ‘mindless misclick’ Solana’s Slerf, others fuel crypto gambling

CoinGecko highlighted the hottest Raydium pair as SLERF/SOL, a meme coin that raised $10 million in SOL from speculators and early investors during its pre-sale round.

The project’s website revealed that the top contributor injected $200,000 or around 1,000 SOL into the meme coin pre-launch. However, an error by the Slerf developer led to the burning of all SOL tokens raised by liquidity providers, preventing investors from realizing profits.

Slerf’s market cap surged from $1.5 million to nearly $1 billion, generating hype and securing multiple centralized exchange listings before crashing below a $300 million valuation. Traders swapped over $2 billion of the meme coin within its first 12 hours.

The trend of raising millions in SOL within hours of a pre-sale announcement is becoming common in Solana’s ecosystem. NFT project Milady attracted $18 million in two hours after sharing its latest offering dubbed Milady wif hat, inspired by the viral meme play Dogwifhat (WIF) with a market cap of $3.2 billion.

Sustained interest in Solana’s ecosystem has also benefitted the SOL token, with SOL increasing over 35% above $200 in the last week, less than 25% off its previous all-time high of $259 achieved in November 2021.

Read more: Milady’s new meme coin presale attracts $18m in 2 hours

Post Views: 5