During a multi-billion dollar disaster Like FTX A reasonable person would lead you to believe that the cryptocurrency industry is: dead or dying, the unfortunate truth is that it is working. Not only is Bitcoin’s market price at a familiar level; roller coaster ride However, in recent weeks, a large number of cryptocurrency believers have proven that they are willing to invest in some of the most outrageous projects in history.
Case in point: Slerf tokens. Slerf is a sloth-themed memecoin that surged in value over the weekend. Trading volume approximately $1.7 billion. Slerf, who appears to be based on a costumed character, ““Sloth Slough,” Created by anonymous developer @slerfsol. Announced just a few days ago, the Slerf project quickly gained a huge following and a huge financial influx, with only reported technical issues destroying some of the initial investment funds. In fact, according to the project developers, $10 million of initial investors’ funding was accidentally evaporated due to a technical glitch.
“The LP and tokens set aside for the airdrop were burned.” @slerfsol Posted on Monday. “Mint permissions have already been revoked and cannot be issued. There is nothing I can do to solve this problem. I’m so sorry.”
“It’s not a joke, I really screwed up and I’m really sorry. “It was a simple mistake that occurred while burning the LP.” He subsequently posted.
I’m not even versed in Web3 jargon enough to know how this works, so I’m not even going to try to explain what this means. Some online criticized the whole thing as a marketing gimmick to draw attention to @slerfsol’s memecoin project. etc I called it a scam. still others said It seems like it was a real prank.
In any case, Slerf is actually much less interesting than the new industry trend it represents. This trend currently sweeping the Solana ecosystem is “Memcoin pre-sale” This involves pre-selling cryptocurrency assets to interested investors before the project launches. Cryptocurrency Pre-sale Nothing new. However, unlike previous iterations of this setup, memecoin sales often include little to no official documentation that accompanies cryptocurrency projects. CoinDesk memoIn some cases, content like “a working product, a white paper, a long-term plan, or even a meme photo” and even a trace of the basic context that a “simple post about X” can attract the attention of millions of people lack. invest.
That said, pre-sale models seem to suggest that the bar for cryptocurrency enthusiasts is at an all-time low. There was a time when Web3 users took themselves seriously as DYORs. “Do your research.” Before investing in a project. that much “blank,” Although often nothing more than a marketing ploy, it was seen as a stamp of seriousness, indicating a stable investment opportunity. Now the new model is: Let’s send strangers online huge sums of money because their memes are cool.
To be clear, there is no evidence that Slerf is a scam, and from a certain point of view, it is doing what it is supposed to do: create market value through heady FOMO. At some point Slerf rapidly increase Initial prices range from 3 cents to a high of $1.4. In other words, the industry model that Slerf operates in appears to be designed for fraud. Actually, this is a basic recipe. Endless carpet pulling.
The cryptocurrency world itself has publicly acknowledged this. Cointelegraph notes that some sober-minded cryptocurrency experts have issued warnings. The trend represents the “best regression.” It’s a sign that people are getting scammed left, right and center in the market. One cryptocurrency user made a pessimistic joke.
Other I left a comment.: “This meme coin mania is just a more honest version of the 2017 ICO. [initial coin offering] Craze and 2021 NFT/crypto art bubble… Projects no longer have to pretend to deliver fake white papers, and investors no longer have to pretend they’re in it for the art.”
In short, while it is true that cryptocurrencies are not dead, they may be in a state of deep corruption. good night other parts of the webThe pretense of sophistication is over and we have entered a phase of nihilistic debauchery.