Welcome aboard The Crypto Cab Weekly Newsletter 🚖
Buckle up and enjoy the ride!
1️⃣ BIG Crypto News
2️⃣ Crypto Top 100
3️⃣ Token Unlocks
4️⃣ NFTs Trending
5️⃣ Meme of the Week
6️⃣ Legends of Crypto X
1️⃣ BIG CRYPTO NEWS
TLDR
The Solana-based memecoin Slerf suffered a devastating blow as its developer accidentally burned $10 million worth of tokens allocated for presale investors. Despite attempts to address the issue, the irreversible error sparked a surge in SLERF's price, highlighting the risks inherent in the burgeoning world of Solana memecoins
Google searches for Solana hit an all-time high amidst the memecoin frenzy, with on-chain metrics like record on-chain volumes and daily transaction fees surging. Solana's rise to the fourth-largest cryptocurrency by market capitalization is fueled by the popularity of Solana-based memecoins, but concerns about market overheating and a potential bubble loom amid recent price retractions in the broader crypto market
🚖 Solana Memecoin Slerf Burns $10 Million in Presale Funds Due to Developer Error
The Solana memecoin Slerf recently encountered a major setback as its developer mistakenly burned a substantial portion of the token supply, resulting in the loss of $10 million, equivalent to the entirety of funds raised from presale investors.
In a candid admission on the project's official X account, the developer expressed regret, acknowledging the irreversible nature of the error and the inability to rectify the situation due to the revoked mint authority.
Despite efforts to address the issue in a Spaces session, where the developer conveyed deep remorse, the community was left grappling with the profound implications of the loss.
Following the incident, the price of SLERF experienced a staggering 242% surge within the hour, fueled by speculative trading activity and discussions within the X Space community advocating for a push towards a $1 billion valuation.
Notably, one trader capitalized on the volatility, netting over $3 million in just 12 minutes trading SLERF.
This mishap underscores the inherent risks associated with the proliferation of Solana-based memecoins, as witnessed during a recent weekend marked by numerous presales that attracted substantial capital, highlighting the need for greater scrutiny and due diligence within the cryptocurrency space.
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🚖 Solana Surges in Google Searches Amid Memecoin Craze
Interest in Solana has skyrocketed on Google amid the frenzy surrounding memecoins. According to Google Trends data, global searches for Solana have reached an all-time high, surpassing previous peaks.
This surge in interest coincides with notable on-chain metrics reflecting Solana's growing popularity.
Last Friday, the network's on-chain volumes hit a record $3.79 billion, with daily transaction fees surging from $500,000 in January to $3.83 million recently.
Additionally, Solana has emerged as the fourth-largest cryptocurrency by market capitalization, overtaking BNB over the weekend.
Much of Solana's recent surge in popularity can be attributed to the hype surrounding Solana-based memecoins like Bonk and dogwifhat, as well as politically inspired tokens.
The success of campaigns, such as dogwifhat holders' $700,000 initiative to advertise the memecoin logo on the Las Vegas sphere, has fueled further interest in Solana-based projects.
However, this unprecedented activity has led to discussions within the crypto industry about market overheating and concerns about a potential bubble, with bitcoin prices retracting and memecoins experiencing a 20% decline since the weekend.
2️⃣ Crypto Top 100
It has been a HUGE turnaround in the Crypto Market in the last 7 days.
The market is resetting following recent highs and this week we see the profits being taken.
Top 4 Losers of the week!
⬆️ 37.4% $FLOKI Floki
⬆️ 33.6% $BONK Bonk
⬆️ 33.3% $BSV Bitcoin SV
⬆️ 30.8% $LDO Lido DAO
Source: CryptoBubbles.com
3️⃣ Token Unlocks 🔓
$AVAX - $528.04M
$ID - $114.54M
$IMX - $99.63M
$MANTA - $42.83M
$PIXEL - $39.98M
$ACE - $34.03M
$RBN - $31.29M
Source: Cryptorank.io
4️⃣ NFTs Trending
Ethereum
Source:OpenSea
Bitcoin
Source: Magic Eden
Solana
Source: Magic Eden
5️⃣ Meme of the Week
6️⃣ Legends of Crypto X
Connecting to the right people and projects in Crypto is so important to build, grow and get the alpha!
Whether you are an OG, Degen, Reply Guy or new account, we want to connect and support your growth as brands together in Crypto, NFTs and Web3.
Each week includes a shout out to 3 Legends of Crypto X that are an active part of The Crypto Cab community, engaging and providing quality content with us and I recommend that you go to check them out👇
DANY
xDTECHx #0xBE
MêGä💯
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Disclaimer
This newsletter publishes information about Cryptocurrency NFTs and Web3. This is not Financial or tax advice and should be used for information purposes only. Always do your own research. Cryptocurrency is high risk.
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