The Slerf (SLERF) price is pulling back on Wednesday, as traders take profit following the new Solana meme coin’s huge run-up since its launch on Monday.
Slerf (SLERF), a sloth-themed meme coin, was last changing hands around $0.69 on Solana DEX Raydium, as per DEXTools.
That gives the newly launched meme coin a massive market cap of around $340 million.
Its trading volumes on Raydium in the past 24 hours were north of $500 million. But that doesn’t account for trading volumes on centralized exchanges (CEX).
As per CoinMarketCap, SLERF volumes across DEX and CEXs was more than $1.4 billion in the past 24 hours.
Still up more than 30x versus its DEX launch price, the Slerf price is vulnerable to more profit-taking-driven downside.
A clean break below $0.69 short-term support could open the door to a quick drop to the $0.35 level.
Here where the Slerf price could go next / Source: DEXTools
But Slerf has certainly caught the imagination of the Solana meme coin investing community.
The token has already amassed a following of 86,000 on its X (formerly Twitter) and 27,000 on its Telegram.
Medium-term Slerf price predictions are likely to remain bullish, with some questioning if Slerf can overtake Shiba Inu (SHIB).
Slerf Price Prediction – Can It Overtake Shiba Inu?
Shiba Inu’s market cap was last around $15 billion. That’s around 44x larger than Slerf’s.
Can Slerf close this gap and deliver huge gains to its current holders?
Well, nothing is impossible in crypto. Whether Slerf catches up to Shiba Inu depends on a few factors.
Firstly, Slerf will need to see continued explosive growth in the size of its community.
Shiba Inu has over 3.8 million X followers. That’s around 42x greater than Slerf’s following.
Slerf is likely also going to need to start pushing projects designed to increase the utility of its token.
The Shiba Inu team/community last year launched Shibarium, an Ethereum layer-2 scaling solution designed to act as a home to the growing Shiba Inu web3 ecosystem that includes a variety of dApps, NFT projects, and a proposed meta-verse.
This will be crucial if Slerf wants to become a serious multi-billion-dollar market cap meme coin.
One big advantage Slerf has over Shiba Inu is that it is issued on the more dynamic Solana blockchain. By comparison, SHIB is issued on Ethereum.
That means trading it is an order of magnitude cheaper, as well as much faster. That could help boost its adoption as more traders flock to the Solana ecosystem.
It might be tough for Slerf to overtake it’s much more established competitor Shiba Inu. But the Slerf price outlook is likely to remain bullish, assuming Solana meme coins keep pumping.
Meme Coin Alternative to Consider – Dogecoin20
Slerf has great upside potential.
But now that its market cap has swelled to above $300 million means its chances of delivering 100x gains are slim.
Meme coin traders looking for these kinds of gains will need to look for smaller, lesser-known coins.
A promising new token called Dogecoin20 being watched by analysts at Cryptonews could be just the ticket.
Dogecoin20 is a reworking of the Dogecoin dog meme coin beloved of Elon Musk that just launched in presale. It features the familiar Dogecoin brand, but is based on Ethereum, and offers a staking option.
That means presale investors can generate an impressive passive income, which was last around 237%, as per the project’s dashboard.
It shouldn’t come as a surprise that the meme coin has already raised close to $4 million.
Interested investors should move quick to secure their tokens ahead of the next price rise, when the $4.096 million mark it hit.
At a current price of $0.000202, investors are able to buy into the token at a hugely discounted valuation of under $30 million.
For a meme coin that could easily 10x to above $300 million, or 100x to above $3 billion, its no wonder investors are rushing to get involved.
Check Out Dogecoin20 Here
The post Slerf Price Prediction as Solana Meme Coin Sees $1.4 Billion Trading Volume in 24 Hours – Can it Overtake Shiba Inu? appeared first on Cryptonews.