Solana Turns Deflationary: 10.8M $SOL, $10M Burned in Memecoin Fail

Solana ($SOL) has transitioned to a deflationary state, sparked by a significant event where 10.8 million $SOL, equivalent to 10 million dollars and 5x the initial SOL raise, were burned due to a failed launch of a sloth-themed memecoin by an entity associated with the 'bozo collective'. This incident has led to a wide range of reactions within the cryptocurrency community, including statements that Solana rewards rather than punishes stupidity, contrasting with Ethereum's approach. The event has also prompted discussions about the future of memecoins and their impact on the cryptocurrency ecosystem.