Historically, crypto market rallies have featured dramatic price changes across the board, the release of new projects, mishaps, scams, and legitimate successes for crypto traders dealing with Bitcoin (BTC), major altcoins like Ethereum (ETH), and meme coins alike.
The ongoing crypto market rally has featured its own fair share of rags-to-riches stories such as with a trader who turned less than $2,000 into more than $10 million in a few months by buying and holding the relatively recently released Dogwifhat (WIF).
On March 18, however, another cryptocurrency took the spotlight – and caused significant traffic – on a blockchain known for its vibrant meme coin scene, Solana (SOL).
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One crypto trader, in particular, made it big on Monday when they bought 69.74 million Slerf (SLERF) – a new meme coin on the blockchain – for SOL worth nearly $2 million as soon as it was released to the market and sold it only 12 minutes later at a profit of more than $1 million – for $3.02 million.
Slerf team accidentally burns $10 million worth of tokens
The feat of the successful Slerf trader is even more impressive given the fact that, not long after trading started, a member of the team behind the project took to X to announce that they had mistakenly burned $10 million worth of tokens made ready as liquidity providers (LP) and for the airdrop effectively erasing the money the project received from early investors.
What made matters worse is that the minting rights were, per the post, already revoked making any attempts of recovery of lost early investor assets impossible.
Solana surges on meme coin hype
The hype surrounding the start of SLERF trading, as well as other meme coins, has also had a significant impact on SOL itself. The Solana token surged 38.36% in the last week and rose 9.1% in the latest 24 hours to a price of $206.86.
At the same time, general interest in Solana has also surged worldwide and reached the maximum possible reading of 100 on Google Trends on March 17 for the first time in its history.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
