Crypto News

Concerns Arise Over SLERF’s Choice Of LBank Amidst Market Volatility

The decision by the recently popular memecoin SLERF to select LBank Exchange as its custodian for the donation address has raised eyebrows within the crypto community.

LBank has faced serious allegations of misappropriating user funds in the past, casting doubt on its reliability as a custodian. 

Despite proposing to announce Proof of Reserves (POR) back in 2022, LBank only revealed two hot wallets in 2024, containing a mere 25.79 Bitcoins. 

This delayed and insufficient disclosure has fueled skepticism surrounding the exchange’s integrity and trustworthiness.

Amidst a significant downturn in the overall cryptocurrency market today, SLERF has defied the trend by experiencing a remarkable surge of over 120%. On-chain data has revealed the actions of a large investor who recently made a substantial investment of $2.3 million to purchase BOME tokens. 

This investor subsequently sold 14 million BOME tokens for 132,990 SLERF, with the selling price of BOME set at $0.0096.

Other Notable News Around Slerf Recent Attention And Market Buzz

The momentum behind SLERF received a boost when HTX announced the donation of SLERF’s trading income.

Influential figures such as @beeple and Solana founder @aeyakovenko further amplified the excitement by retweeting relevant tweets with captions like “THE RISE OF SLERF,” contributing to a brief surge in SLERF’s value, with prices exceeding $1 once again.

In addition to these developments, attention has been drawn to the actions of the largest buyer of SLERF tokens, who recently deposited a substantial amount of SOL to Binance. 

This individual, who withdrew significant sums from Binance and Kraken between January 30 and March 4, has demonstrated confidence in SLERF’s potential by investing 35,953 SOL to acquire 8.2 million SLERF tokens, becoming the largest individual holder of SLERF.

Meanwhile, another investor took advantage of SLERF’s recent surge by strategically selling a portion of their holdings to recoup their initial investment.

With 961,165 SLERF tokens currently held, representing pure profit, this investor exemplifies the lucrative opportunities presented by SLERF’s volatility and market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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