TL;DR

The cryptocurrency market is correcting, with numerous assets in decline, but this new sloth-themed meme coin defies the trend by surging 70%. Despite its success, it faced a setback when the developer accidentally burnt $10 million in funds. The cryptocurrency sector has been on the decline today (March 19) after thriving significantly in the past several months.

Leading digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and many more are well in the red, while the global crypto market capitalization dropped to approximately $2.5 trillion (per CoinGeckos data). Recall that the metric was above $2.9 trillion less than a week ago.

However, there is one newly-emerged token that defies the negative trend, and its name is Slerf (SLERF). The sloth-themed meme coin, built on the Solana blockchain, spiked by 70%, reaching $1.30.

SLERF Price, Source: CoinGecko In the past few hours, crypto X has been booming with posts related to SLERF, with numerous industry participants suggesting it could become the next token to experience substantial gains in the near future.

SLERFs emergence has even caught the eye of leading cryptocurrency exchanges, including HTX, which allowed trading services with it. 

Despite its evident progress, the asset was involved in a suspicious activity earlier this week when the developer behind it accidentally burnt $10 million worth of funds raised from investors during the presale.

The project clarified that the incident was the result of a simple mindless misclick while they were burning the LP tokens. Fixing the situation, though, may be impossible, the team added.

Solana-based meme coins have already made big waves during this cycle. Recall that dogwifhat (WIF) and Bonk Inu (BONK) received support from Binance and other exchanges, while their market caps briefly exceeded the $3 billion mark. 

Assets of this type have been quite intriguing since they offer the chance of substantial profits in a short period of time. Nonetheless, dealing with them can also be dangerous and lead to devastating losses due to their infamous volatility. Those about to hop on the bandwagon should watch the video below and learn how to avoid some common mistakes: