Meme coin stans are stacking Slothana (SLOTH), Solana’s sensational new 420-friendly token, ahead of Bitcoin’s halving and international stoner day on April 20.
Slothana the new red-eyed sloth lives on Solana.
The $SLOTH ICO has only been going for three weeks and it has already raised an eye-watering $10 million,
The news comes after established Solana meme coins like Slerf, DogWifHat and Bonk have followed (and on some days, outpaced) market leaders Bitcoin and Ethereum in small market-wide rallies off ahead of Bitcoin‘s (BTC) halving next week.
Ethereum’s high-functionality smart contracts made it the network of choice for meme coin projects for a long time. However, with the expansion and development of so-called “Ethereum killer” Solana, the high-speed Layer 1 blockchain has challenged Ethereum’s dominance in this sector.
Slothana isn’t lazy, although he certainly appears that way. High on ambition (and surreptitious toking), he’s eyeing the clock hands, waiting for 4:20.
From then on, he believes it’ll be a short journey to $420 million.
Slothana (SLOTH) And Bitcoin’s 420 Halving
If Slothana can raise over $10 million in two weeks, it would take him 84 weeks at current levels of demand to reach a $420 million market cap. Given the fact that presales don’t last forever, it’s impossible for him to get there over the course of one ICO.
However, a couple of price-driving narratives will move the entire market in the coming weeks. As traders begin to take a risk-off approach, meme coins will get a look-in (they always do!), and this time Solana’s offerings could really leave Ethereum in the dust.
I’m going to make them a memecoin they can’t refuse Slothana’s making moves to dominate the crypto scene. “Keep your friends close and your memecoins closer” – The Slothfather #Slothana #SlothFather pic.twitter.com/RnPJEan2Bq
— Slothana (@SlothanaCoin) April 10, 2024
The first price-driving event is the fourth quadrennial Bitcoin halving next week on Saturday, April 20.
The halving is an event in Bitcoin’s code that slashes BTC mining rewards in half. Since miners control the issuance of new Bitcoin, this drive the price up as the bottlenecked supply struggles to meet the heightened institutional demand resulting from the approval of 11 Bitcoin spot ETFs in the US back in January, along with heightened retail and institutional demand from the halving itself.
The following month, on May 23, 2024, the SEC must deliver a verdict on a round of spot Ethereum NFTs.
Again, given the historical precedent with Bitcoin, the industry sees US spot Ethereum ETF hype as a strong potential price driver across the market, particularly on a chain like Solana which outperforms Ethereum for speed and scale.
Slothana’s $SMOG Connection
Slothana is rumoured to be from the same team that launched Smog ($SMOG), which rallied many multiples after ending its presale and listing. If investors can have confidence that $SLOTH is capable of pumping post-listing.
Prepare for the rise of Slothana! With our coffers overflowing, it’s time to embark on a Sloth crusade to establish a global empire. Slothana’s reign is imminent. Anyone who stands in its way will face the wrath of the holy Slothana army! #SlothanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024
The clock is ticking and the $SLOTH team is playing its cards close to the chest. Launch dates have not been confirmed yet, so the duration of the presale window is an enigma.
Interested investors can join the presale today by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA or using the contribution widget on the Slothana website.
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