News
Solana Surges to Fourth Place Amid SLERF Meme Coin Incident

ChainPlay
•
one year ago
Share :

Solana has surged by 11% in the past day, catapulting itself into the fourth position among cryptocurrencies by market capitalization, surpassing Binance's BNB token. The price of Solana stands at $206.11 as of early Monday morning, with a market cap of $92 billion. This remarkable surge represents a 40% increase since the previous week, marking a new all-time high for Solana's market cap.
Liquidation of Short Contracts
The recent rally in Solana's price has led to significant liquidations of short contracts, surpassing those of Ethereum and Bitcoin within the same time frame. More than $1 million worth of short contracts were liquidated in just one hour, with a total of over $12 million worth of Solana short positions liquidated in the past day. Short positions, a strategy utilized by traders to profit from declining asset prices, have resulted in considerable volatility within the Solana ecosystem.
While Solana experiences a surge in value, the ecosystem faces turbulence due to issues surrounding the launch of the SLERF meme coin. A development mishap resulted in the accidental burning of $10 million worth of funds raised during a token presale. The responsible developer addressed the community via Twitter spaces, acknowledging the mistake and expressing intentions to rectify the situation.
Developer's Response and Community Impact
The developer responsible for the mishap conveyed remorse and commitment to resolving the issue despite the significant financial loss experienced by participants in the presale. While acknowledging the severity of the situation, the developer emphasized efforts to "make this right" for those affected. Despite the setback, the developer remains determined to salvage the project and mitigate the impact on the community.
Solana's surge in value amid the liquidation of short contracts contrasts sharply with the challenges faced by the ecosystem due to the SLERF meme coin launch mishap. While the cryptocurrency demonstrates resilience in the face of market volatility, the incident underscores the importance of transparency and accountability within decentralized ecosystems.
Share this article
#Solana
#BNB Chain
#Ethereum
Latest News

TRALA Deepens Collaboration With Kaia for Web3 Growth
21 hours ago

Create and Trade Ronin NFTs Easily with Opensea Studio
yesterday

GUN Token Debuts on Binance as GUNZ Network Launches
yesterday

Dogecoin Technical Report 2025 - DOGE Holders Break
2 days ago

Last Chance To Claim Free Crypto Rewards In Kaidro's
yesterday
Related articles

Gunzilla Games launches GUNZ Network on March 31. GUN token debuts on Binance. Off the Grid players can trade in-game assets as NFTs, expanding Web3 gaming.

ChainPlay
•
yesterday

Ronin NFTs launch on Opensea, enabling global trading and creation. Mint exclusive NFTs, Jin & Ronke, until March 29th. Explore blockchain gaming & collectibles.

ChainPlay
•
yesterday

TRALA teams up with Kaia Chain to expand web3 gaming in Asia, bringing new games, exclusive rewards, and deeper blockchain integration.

ChainPlay
•
21 hours ago