Despite causing a multi-billion dollar disaster Like FTX Would a reasonable person believe that the cryptocurrency industry is dead or dying, the unfortunate truth is that it does a great job.Bitcoin’s market price isn’t just at familiar levels roller coaster Lately, but in recent weeks, legions of cryptocurrency believers have proven themselves willing to invest in some of the most ridiculous projects ever.
Case in point: Slerf token. Slerf, a sloth-themed meme coin, surged in value over the weekend, causing Transaction volume approximately US$1.7 billion. Slerf appears to be based on a fictional character,”Taming the Sloth,” Created by anonymous developer @slerfsol. Announced just a few days ago, the Slerf project quickly gained a large following and a large influx of funds, only for reported technical issues to ruin some of the initial investment funds. In fact, according to the developers behind the project, a technical flaw accidentally wiped out $10 million in funding from early investors.
“I burned LP and tokens reserved for airdrops,” @slerfsol Posted on Monday on X. “The coinage rights have been revoked, so I can’t mint them. There’s nothing I can do to fix this. I’m so damn sorry.”
“This is not a joke, I really messed up and I’m really sorry. It was a simple unintentional misclick when I was burning the record,” He subsequently posted.
I’m not very familiar with Web3 terminology and have no idea how it works, so I won’t even try to explain what any of it means. Some netizens accused the whole thing of being a marketing stunt to draw attention to @slerfsol’s memecoin project.others call it a scam.there are others Already told This seems to be a real bug.
Regardless, Slerf is actually far less interesting than the new industry trend it represents.This trend is currently sweeping the Solana ecosystem and involves what is known As a “memecoin pre-sale”, Crypto assets were pre-sold to interested investors before the project was launched.Crypto pre-sale Nothing new. However, unlike previous iterations of this setting, memecoin sales typically involve little to no official documentation of what crypto projects require.coin table noticedin some cases they lack even basic traces of context, such as “working product, white paper, long-term plan or even a meme image,” and “a simple post on X” can attract millions of people to invest.
In other words: pre-sale models seem to indicate that cryptocurrency fanatic standards are as low as they’ve ever been.There was a time when the folks at Web3 took themselves very seriously, either DYOR, or “Do your research.” before investing in a project.this “white paper,” Although often nothing more than a marketing gimmick, it is considered a sign of seriousness and signals a solid investment opportunity. Now, the new paradigm seems to be: let’s send huge sums of money to strangers online because their memes are cool.
To be clear: there is no evidence that Slerf is a scam, and from a certain perspective, it is doing what it is supposed to do, which is generate market value through hilarious FOMO.At one point, Slev surge From the initial price of 3 cents to the highest price of 1.4 US dollars. That said, Slerf is part of an industry model that seems to lend itself to fraud.In fact, it’s basically a recipe Endless carpet pull.
The crypto world itself has openly acknowledged this. Cointelegraph notes that some of the more sober cryptocurrency minds have already sounded the alarm This trend heralds a ‘peak of degradation’ In the market, this is a sign that people are about to be scammed. One cryptocurrency user pessimistically joked:
other commented: “This memecoin craze is just a more honest version of 2017’s ICO [initial coin offering] The craze and the 2021 NFT/Crypto Art Bubble… Projects no longer need to pretend to offer fake white papers, and investors no longer need to pretend to be in it for the sake of art. ”
In short: While cryptocurrency is certainly not dead, it may be in the midst of a serious decline.like the rest of the webit has ended its elegance and is now in a phase of nihilistic debauchery.
