Meme investors are stacking SLOTH, the exciting new cannabis-friendly token on the Solana platform, in preparation for the Bitcoin halving event and International Marijuana and Cannabis Smokers' Day on April 20.
Slothana, the new red-eyed sloth, lives in Solana.
$SLOTH's IPO raised $10 million in just three weeks, a remarkable achievement.
This news comes after Solana meme stablecoins like Slerf, DogWifHat, and Bonk followed (and sometimes even outperformed) market leaders Bitcoin and Ethereum, posting small gains ahead of next week's Bitcoin halving .
Highly functional smart contracts have made Ethereum the preferred network for meme coin projects for a long time. However, with the expansion and development of the so-called “Ethereum killer,” the high-speed Solana blockchain has challenged Ethereum’s dominance in this sector.
Sluthana is not lazy, although he certainly appears that way. He stealthily and ambitiously watches the clock, waiting for it to become 4:20.
SLOTH and Bitcoin halving on April 20
If Slothana can raise more than $10 million in two weeks, it would take 84 weeks at current levels of demand to reach a market capitalization of $420 million. Due to the fact that pre-sales do not last forever, it is impossible for them to reach this during a single ICO.
However, some narratives driving prices will move the entire market in the coming weeks. As traders start taking a cautious approach, meme coins will gain attention (they always do!), and this time Solana's offerings may truly outperform Ethereum
The first event that will impact prices is the fourth Bitcoin halving event that will happen next week on Saturday, April 20 .
Bitcoin halving in Bitcoin code halves Bitcoin mining rewards. As miners control the issuance of new Bitcoin, this pushes the price higher as increased institutional demand as a result of the approval of 11 Bitcoin ETFs in the US last January, as well as increased demand from shops and institutions as a result of the halving itself, becomes difficult to meet.
The following month, on May 23, 2024, the US Securities and Exchange Commission (SEC) should issue a ruling on a round of initial offerings for non-fungible smart contracts (NFTs) tied to Ethereum.
Again, based on historical precedent with Bitcoin, the industry considers that the hype surrounding Ethereum ETFs in the US could be a strong potential factor behind a price increase in the market, especially on a chain like Solana that outperforms Ethereum in terms of speed and scalability.
Slothana's connection to $SMOG
The team that launched Slothana is rumored to be the same one that launched Smog ($SMOG), which saw a huge spike after the pre-sale and listing ended . The same scene could be repeated if investors trust that $SLOTH is able to maintain momentum post-listing.
The clock is ticking and Team $SLOTH is playing cautiously and hiding their cards. Launch dates have not yet been confirmed, so the length of the pre-sale window is still unknown. Slothana website. (https://slothana.com/en)