The price of the Solana meme coin SLERF increased by 56% on Saturday due to increased attention from investors and market makers. This led to a significant increase in buying pressure and trading volume for the asset. The increase in buying pressure from market makers and whales contributed to the upward trajectory of the token.
On-chain data showed that whales accumulated a significant amount of SLERF, with one whale spending 4642 SOL to buy 2.35 million SLERF, and another spending 1.03 million USDC for 2.52 million coins. This heightened interest in the asset, creating a bullish path for the coin. The price of SLERF increased by 56% in the intraday, trading at $0.4240.
Its 24-hour trading volume surged 116% to $228.55 million. As no massive selloffs were recorded, investors anticipate additional gains in the token. The increased investor interest in SLERF was also reflected in the futures OI, which witnessed a 72% uptick to $22.05 million, and the derivatives volume, which soared 133% to $157.28 million.
These data points underline the growing interest in the Solana meme coin and its potential for further gains.
