Monday, April 30, 2024 – Solana’s hottest new pothead meme coin, Slothana ($SLOTH), has concluded an eye-watering $15 million presale with the announcement of an airdrop in less than 24 hours, on May 1, according to the project’s official X page.
🌿🚀 Hark, disciples of Slothana! 🌟 Our Lord Sloth shall grace us with the first coming of Slothana’s liquidity on the first day of May at 4pm UTC. 🕓 Most loyal participants in the presale shall be blessed with their Slothana tokens starting from this auspicious hour.
But… pic.twitter.com/4ZQmDpUZD1
— Slothana (@SlothanaCoin) April 29, 2024
Billed as “the first coming of Slothana’s liquidity on the first day of May at 4pm UTC,” the airdrop will mark the next step in the sloth token’s plan to dominate the canine-saturated meme coin sector.
The official announcement hints that participants (those that paid for the token during the presale) will be paid out, or “blessed” with their $SLOTH tokens “starting from this auspicious hour.”
The team counsels patience when the airdrop window opens, reassuring customers that the project’s “guardians work at the speediest of Slothful paces to ensure all receive their tokens in good time.”
Given the relative scarcity of information surrounding the project, it’s worth unpacking how Slothana quickly became one of the top launches on Solana this year.
The Slothana ICO Raised $15 Million in a Month
Slothana’s month-long ICO ended yesterday after attracting a sweltering $15 million in investments.
The presale’s staggering success was largely due to auspicious timing, together with a growing appetite for meme coins that offer a different species of laughs to the gamut of Dogecoin copycats currently vying for supremacy in the sector.
To begin with, the project has its roots firmly in counterculture. From the clock hands on the wall reading 4:20 to the hazed red eyes, Slothana began life by overtly signaling its allegiance to the legions of potheads around the world.
🌿💰 Prepare for the rise of Slothana! With our coffers overflowing, it’s time to embark on a Sloth crusade to establish a global empire. Slothana’s reign is imminent. ⚔️ Anyone who stands in its way will face the wrath of the holy Slothana army! 🚀🦥 #SlothanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024
In keeping with the lackadaisical stoner humor, Slothana is a sloth. Like his slothful predecessor Slerf ($SLERF), Slothana highlights the potential for a much more diverse meme coin sector, beyond the common run of Shiba Inu doge-themed coins like Dogecoin, Shiba Inu, Bonk, DogWifHat and Floki.
Following the weekend of the international stoner holiday, April 20, which is also the day Dogecoin enthusiasts selected to celebrate their favorite coin, Slothana’s presale takings leapt from $10 million to $15 million.
With crypto’s success this year closely tied to the news cycle, it’s worth pointing out two more price driving events that have Slothana holders banking on some heady post-launch rallies on the horizon.
How the Bitcoin Halving And Ethereum ETF News Benefits Slothana
Funnily enough, on Slothana’s favorite day this year, April 20, a pre-programmed quadrennial Bitcoin software update called “the halving” slashed mining rewards from 6.25 BTC per block to 3.125. Miners now need to mine twice as hard as they did before the update to get the same rewards.
Since miners sell new BTC onto the open market, this has effectively halved the issuance of new supply. Now, with Bitcoin setting new all-time highs this year, many analysts are hinting at further gains inbound, thanks precisely to this supply shock.
Historical precedent is on their side. The past three halvings resulted in significant rallies well within a year of the update.
Where Bitcoin goes, the rest of the market follows. Virtually every leading cryptocurrency tracks the price movements of Bitcoin, with late February/early March accounting for the steepest gains so far this year across many projects. Bitcoin set a new high watermark of $73,737.94 on March 14.
An additional price driver came from the fact that Bitcoin became a multi-billion dollar investment product in the US this year thanks to the January launch of 11 spot Bitcoin ETFs.
Now, analysts suggest that spot Ethereum ETFs are coming next, on May 23 – the SEC’s first deadline to return a verdict on the latest round of spot Ethereum ETFs.
Given the fact that a federal court overturned the SEC’s earlier refusal of Bitcoin ETFs as “arbitrary and capricious” it’s likely that similar spot Ethereum investment products will pass through unopposed.
That could foment some explosive rallies across not only Ethereum, but also competitor Layer 1 blockchains deploying high-functionality smart contracts, like Solana, Slothana’s native blockchain.
So, the $SLOTH presale window may be over, but there will be plenty of opportunities to join crypto’s funniest and most subversive new meme coin crowd after the airdrop.
Interested? Keep up-to-date on Slothana’s X account.
Visit Slothana’s official website here.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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