A new Solana (SOL)-based memecoin has soared to more than a $620 million market cap shortly after launching and securing listings on multiple crypto exchanges.

Slerf (SLERF), a new sloth-themed memecoin, is now trading on at least four crypto exchanges as of Monday.

MEXC added Slerf to its “assessment zone,” which is reserved for low-cap digital assets prone to volatility. Poloniex, Bitget and Bybit also said they are listing Slerf for trading.

Amid the token launch and exchange listing news, Slerf soared to a high of $1.25 on Monday, and the project’s market cap shot up to $622 million.

SLERF has since retraced to $0.51 at time of writing, and its market cap declined to $255 million, making it the 277th biggest crypto asset on the market.

The token launch got mired in confusion as the project’s official account on the social media platform X announced a major mishap. The project team says that in the process of burning liquidity providing (LP) tokens, they also accidentally burnt the tokens reserved for an aidrop, resulting in a loss of around $10 million.

“Guys I f**ked up. I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so f**king sorry…

This is not a joke I really f**ked up and I’m really sorry. Was a simple mindless misclick when I was in the process of burning the the LP. First try failed: I went to SOL Incen and the lP tokens didn’t show up there so I thought ‘I’ll just clean out the wallet of these others.’”

Meanwhile, Solana’s ecosystem is seeing a burst of activity from other memecoins as well, and the value of the Ethereum (ETH) competitor has soared along with its popularity.

Solana itself crossed $200 for the first time since 2021, while Google searches of Solana exceeded Ethereum’s.

Solana is trading for $204.91 at time of writing, up 5.6% in the last 24 hours.

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