During a multi-billion dollar disaster, Like FTX A rational person would believe that the crypto industry is: dead or dying, unfortunately, that's what's going on.Bitcoin's market price has not only become familiar ride a roller coaster However, in recent weeks, legions of crypto believers have proven that they are willing to invest in some of the most ridiculous projects ever.
A good example is the Slerf token. Slerf is a sloth-themed meme coin that soared in value over the weekend. Trading volume is approximately $1.7 billion. Slerf seems to be based on a created character.Slurf the sloth.” Created by anonymous developer @slerfsol. His Slerf project, which was announced just a few days ago, quickly gained a huge following and huge inflows of funds, only for some of the initial investment funds to be destroyed due to reported technical issues. . In fact, according to the project's developers, $10 million of early investors' funds were accidentally evaporated due to a technical glitch.
“I burned the LP and tokens I had set aside for the airdrop” @slerfsol Posted on Monday by X. “I can't mint any more because I've already been revoked from the Mint. There's nothing I can do to fix this. I'm so sorry.”
“This wasn't a joke, I really messed up and I'm really sorry. It was just a careless click mistake while I was burning an LP.” he then posted.
I'm not familiar with Web3 terminology, so I can't tell you how this works. So I won't explain what that means. Some online have accused this whole thing of being a marketing gimmick to draw attention to @slerfsol's memecoin project.others called it a scam.And more Said It looks like it was a genuine prank.
In any case, Slerf is actually far less interesting than the new industry trend it represents. The trend currently sweeping the Solana ecosystem is “Meme Coin Presale” This is where crypto assets are pre-sold to interested investors before the project is launched.Cryptocurrency presale It's nothing new. However, unlike previous iterations of this setup, meme coin sales often include little or no official documentation about what the crypto project entails.coin desk I am making a note ofIn some cases, even basic traces of context are missing, with “a simple post about There is a possibility that it will be attached. investment.
In other words, the presale model seems to suggest that standards for crypto fanatics are at an all-time low. There was a time when the inhabitants of Web3 took themselves seriously enough to DYOR her. “Please research.” before investing in a project.of “White Paper,” Although often just a marketing gimmick, it was supposed to be a sign of seriousness, indicating a solid investment opportunity. The new model now seems to be, “Let's send a bunch of money to a stranger online because their meme is cool.”
To be clear, there is no evidence that Slerf is a scam. Also, from one perspective, Slerf is doing what she's supposed to do: create market value through her much talked about FOMO.At some point, Threlf increased rapidly From an initial price of 3 cents to a high of $1.4. That being said, the industry model that Slerf participates in appears to be designed for fraud.In fact, it's basically the following recipe pull the endless rug.
The crypto world itself openly admits this. Cointelegraph points out that some sober cryptocurrency minds are warning. This trend indicates a “peak degeneration” In the market, it's a sign that people are about to be scammed left, right, and center. One cryptocurrency user gloomily joked:
another commented: “This meme coin mania is just a more honest representation of 2017's ICO.” [initial coin offering] Boom and the 2021 NFT/Crypto Art Bubble… Projects no longer need to pretend to deliver fake white papers, and investors no longer need to pretend to be in it for the art. ”
So while it is true that cryptocurrencies are not dead, they may be in a state of serious decline.like other parts of the webthe pretense of class is over, and the stage of nihilistic debauchery has entered.
