Solana Memecoin Burns $10M As Crypto PACs Target Senate Races

A Solana-based memecoin project called Slerf accidentally burnt a significant portion of its token supply, resulting in the loss of $10 million in funds raised from presale investors. Despite this setback, the price of SLERF skyrocketed by approximately 242% within an hour of the incident.

Meanwhile, fans of the DogWifHat (WIF) cryptocurrency, associated with a Shiba Inu puppy meme wearing a hat, successfully raised over $705,000 in a crowdfunding campaign. The goal was to display the meme on the Las Vegas Sphere, the world's largest spherical LED screen, for a week-long period. Although the Sphere declined to comment on pricing or when the meme might appear, the campaign's success highlights the growing influence of meme-based cryptocurrencies.

In other news, digital asset investment products experienced a record-breaking inflow of $2.9 billion from March 11 to March 15, surpassing the previous record of $2.7 billion. This brings the year-to-date inflows to $13.2 billion, exceeding the total inflows of $10.6 billion in 2021. Bitcoin accounted for 97% of all year-to-date inflows, while leading altcoins such as Ethereum, Solana, and Polygon saw capital outflows.

As the cryptocurrency industry seeks legitimacy and grapples with regulatory challenges, crypto-focused political action committees (PACs) are making significant financial contributions to Senate races. Fairshake, a prominent PAC backed by industry leaders, is focusing on four critical Senate races, aiming to elect crypto-friendly candidates and challenge those who are skeptical of the industry. This aggressive stance comes in response to increased scrutiny and regulatory actions by the SEC, which has created a chilling effect on decentralized finance projects and the broader crypto ecosystem.