Slothana: A New High in the Meme Coin Market
Solana meme coin Slothana ($SLOTH) has been making new all-time highs as it pulls in buyers eager to take pole position for even bigger gains to come. Currently priced at $0.035, $SLOTH was trading as high as $0.0565 at the beginning of the week. Now bulls are targeting $0.10 for upside of 185% in the near term. If word on the crypto grapevine is correct, $SLOTH could easily surpass that price target, with meme coins continuing to outperform the rest of the crypto market – and Solana-based tokens are leading the way.
Rumors Fueling Growth
Rumors of a top 10 centralized exchange listing is set to add to the momentum created by a token burn mechanism that has seen bulls charge into the $SLOTH market. The most recent $1 million burn led to a price pump shortly after the event news was posted on X.
- 36,700+ token holders of $SLOTH in self-custody wallets
- Growing band of centralized exchanges (CEXs) clamoring to list the coin
Slothana burns $1m worth of Slothana when the price appreciates an additional cent, as set out in an X post on the 10th May, that has so far had 219k views as the excitement spreads.
Market Dynamics and Potential
With early presale buyers sitting on gains of 3x, there has been predictable profit-taking by savvy buyers looking to book ROI. At the same time, the latest meme coin theme to sweep the market – the reignition of the meme stock craze – has seen some attention pulled away from other areas of the market. GME, KITTY and AMC have all seen stellar gains in recent days. However, the start of the European session has seen the first signs that this latest fad may be waning, which will likely help to refocus market participants’ interest on other areas of the meme coin space.
Slothana has still been a persistent trender in the hot top 10 pairs on Dextools and other trading sites. $SLOTH’s recent price momentum combined with what could be price-moving news flow around CEX listings means it is likely to see a new influx of whale traders imminently.
New Listings and Trading Opportunities
Poloniex, XT.com and Bitrue centralized exchanges have all added the token to their trading venues in the past couple of days, turning on the taps for more volume to enter the SLOTH/SOL trading pair.
Investment Considerations
Although $SLOTH is trading 28% lower today, as news of impending major listings start to swirl and, presumably, an announcement from the team is forthcoming, the price is set to rocket again. Take the current pullback as a breather and opportunity to either add to an existing position or open a new one. Trading volume is an exceedingly healthy $25 million at the time of writing. Meanwhile, volatility is increasing, providing even more opportunity for day traders, but also for those with the patience to allow the price to come to them rather than trying to catch a falling knife.
Putting that another way, $SLOTH buy orders between today’s low of $0.026 and the current price around the $0.035 level, will likely be a good region to take advantage of a CEX-induced price acceleration to $0.10. Taking a position in the $0.030 area delivers a handsome risk-reward ratio of 5 if the price, as postulated here, reaches 0.01 in the near term, defined as the next week or so, depending on CEX news flow timings.
Future Outlook
In a measure of the interest in the project, Slothana raised $15 million in its recent presale, as the frenzy around SOL meme coins remains unabated. Tokens such as DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT) have all done spectacularly well, and $SLOTH is on the cusp of joining their ranks. Ongoing presales for Dogeverse and Sealana are further indication of the red-hot nature of the SOL meme coin marketplace. Slothana is in the vanguard of this movement and today’s price could well be the lowest crypto traders are ever likely to see.
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