A meme currency based in Solana Performance-wise, SLERF is not performing like WIF, PEPE, or even SHIB. Meme coins are notorious for their erratic price fluctuations, which frequently increase due to FOMO (fear of missing out). It appears like SLERF is continuing this trend without making any money.
This trader lost a lot of money—6,039 SOL, or around $1.15 million—when they liquidated all of their SLERF holdings. They transferred their remaining SOL to Binance, failing to learn from the terrible blow. The same investor, who had used $1 million worth of SOL to purchase SLERF, had lost 2,793 SOL just the day before.
https://x.com/lookonchain/status/1770751356418023686?s=20
The FOMO bug hit the trader when SLERF’s price surged once again, causing him to buy three million SLERF at a cost of $1.17 per, for a grand total of 19,133 SOL ($3.52 million). If you guessed that this endeavour did not turn out to be profitable as well, you would probably not be incorrect.
It’s critical to recognise that the nature of meme currencies makes them extremely risky. They frequently begin as jokes and don’t have the necessary foundation. The bulk of meme coin investors that experience profits are typically insiders, such as creators, or automated traders, such as MEV bots or snipers, who can enter and exit transactions far quicker than human traders.
Investing in meme coins, especially the more recent ones, can result in large losses for the typical investor and have no liquidity at all. Even while there are success stories with meme coins, they are the exception rather than the rule.
It’s advisable to proceed cautiously while dealing with meme coins. Given SLERF’s history of portfolio destruction, investing in it without a well-thought-out plan or insider information might be a recipe for catastrophe.
