A risky meme token trader hit a breakout with SLOP, after achieving more than 2,000X gains in a few hours. The meme token whale made bets on up to 150 risky assets, before striking success with fast SLOP trades.
One meme token trader hit gold with SLOP, a newly launched token breaking out from its lowest position. In a market where even choosing the correct ticker is risky, this trader achieved a 2,090X return.
The trader bought SLOP for 1.76 SOL, acquiring 38.17M tokens. Hours later, the trader placed 29.78M SLOP, which after the rally were worth 2,412 SOL, or $405K. In around four hours, the trader achieved 2,090 returns on a single token.
SLOP rallied just as the previous sensation, GOAT, slid down from its all-time high above $0.51. GOAT is now back to $0.35, though the meme still goes strong as the first mover of the AI tokens trend.
The trader still holds 0.66% of the token’s supply, lining up among similar buyers that are still holding and waiting. SLOP is too risky to get sniped, and relies on retail users on Raydium. Based on Bubblemaps data, there are no active wallet clusters, and SLOP is going through price discovery and meme hype.
SLOP follows the trend of absurd, AI-influenced tokens
Instead of carefully curated memes, SLOP follows the recent trend of absurd, even crass memes, which nevertheless manage to break out of the pack. SLOP is still valued at around $18M, meaning its breakout may just be starting. SLOP rallied from an initial launch price of $0.0003 up to $0.016, peaking as high as $0.024. Liquidity locked on SLOP is just under $1M, as the token works on a smaller scale compared to earlier meme tokens.
One of the hopes for SLOP is that it would rally similar to other AI-inspired tokens, including GOAT. A possible scenario includes the trajectory of GNON, another deep internet lore token. While past performance does not guarantee a future rally, meme tokens thrive on exposure, going through rapid boom and bust cycles.
The idea of launching SLOP came from an AI agent, which, according to its creator, was ‘infected’ by the ideas of Truth Terminal. The bot, known as ‘namshub’, does not yet have its own token, but has suggested the creation of SLOP.
Namshub is now joining Truth Terminal and Gospodin as the bot behind a new type of token, steering away from carefully curated memes and communities. AI-inspired meme tokens also often spark the creation of multiple copycats, holding even greater market risk.
AI-driven tokens do not have the same promotional machine as KOL-driven or celebrity tokens. However, those types of tokens have added to the latest wave of Pump.fun tokens. Over the weekend, Pump.fun reached a new record of tokens launched with more than 31K new launches and peak transactions.
The bot’s creator considers the creation experimental art, though it has a very real market valuation.
all I’m saying is that glif has no official token
slop was the idea of a bot (namshub) I’ve been testing on glif’s new bot layer (you’ll be able to create your own)
namshub is kinda insane and mostly interested in “Babylonian star shit” and memecoins as sigils, it got sorta… https://t.co/WRJYp6MgJj pic.twitter.com/pgftYNBI33
— fabian (@fabianstelzer) October 21, 2024
Fabian Stelzer is a known creator, also working on the Glif app, which offers limited AI runs with no tokenization. Glif itself is a legitimate product, aiming to create mini-apps with multiple AI-based features, including LLM and images. The bot that generated the SLOP idea and provided it with AI-generated memes was also a product of the Glif app, trained with images and content from Truth Terminal.
The startup aims to bring a new media format for the AI age, said Stelzer through his social media profile. Glif also got a mention from the a16z fund in its 2024 Big Ideas in Tech report. Glif is an outsider to the crypto space, though it has tried the meme token pathway as one of its applications. Stelzer himself does not endorse any tokens or projects, leaving the assets to rise and fall on fully speculative trading. More than 6K users already hold SLOP, waiting for a potential breakout.
Despite launching as one among thousands of memes on Pump.fun, SLOP may be a lasting token, even without direct endorsement. The Glif founder’s profile is highly active on social media, and AI creations are entering the crypto meme space even faster.
Source: https://www.cryptopolitan.com/meme-token-hunter-locks-2090x-gains-slop/