If you're into meme coins on Solana, you've probably heard of SLERF—the sloth-themed token that grabbed headlines earlier this year when its developer accidentally burned a huge chunk of the liquidity pool. Fast forward to now, and SLERF is in the middle of a major upgrade: a token migration to a new smart contract address. This move aims to improve the token's functionality and ecosystem, offering holders a 1:2 swap—meaning for every old SLERF you send in, you get two new ones back.

A recent tweet from on-chain analytics account Lookonchain highlights the progress. According to their data, 76.9 million SLERF tokens, valued at around $5.1 million, have already been migrated. That's a solid start, especially since the public migration phase kicked off just a day ago on October 11, 2025.

What's Happening with the Migration?

The migration process is straightforward but crucial for anyone holding SLERF. The team behind the token announced the shift to a new contract (the old one is being phased out, and the new address is 7BgBvyjrZX1YKz4oh9mjb8ZScatkkwb8DzFx7LoiVkM3). Exchanges got first dibs from October 1 to 10, allowing them to swap tokens for their users seamlessly. Now, it's open to the public until October 20 via the official migration portal.

To migrate, holders can either send their old tokens directly or use a swap-and-migrate feature on the site. As an incentive, those who jump in on day one (October 11) get a 15% bonus on their new SLERF tokens. It's all happening on the Solana blockchain, known for its speed and low fees, which makes this process relatively painless compared to migrations on slower networks like Ethereum.

Lookonchain's post points to a specific wallet address on Solscan, which appears to be collecting the old tokens. The screenshot shows a balance of 76.9 million SLERF, plus a tiny bit of SOL (Solana's native token) for gas fees.

Exchanges Leading the Charge

One of the big wins here is the widespread exchange support. Lookonchain lists heavy hitters like Gate.io, CoinEx, KuCoin, Indodax, LBank, MEXC, and Bitget, plus 25 others, as having completed the migration. This means if you hold SLERF on these platforms, your tokens should already be updated to the new version without you lifting a finger.

For context, token migrations like this often happen to fix issues, add features, or comply with new standards. In SLERF's case, it's about building a stronger foundation for the meme coin's future, potentially boosting liquidity and trading volume once everything settles.

Community Reactions and What’s Next

The tweet sparked some chatter in the replies. One user speculated about a "massive sale," while others pondered the impact on liquidity and short-term price action. A trader noted SLERF's support levels around $0.062, hinting at potential upside if it breaks $0.067. Overall, the vibe is cautiously optimistic—migrations can cause temporary dips, but with bonuses and broad exchange backing, this could pump interest in SLERF.

If you're holding SLERF, head over to the migration site ASAP to avoid missing out. Keep an eye on SLERF's official X account for updates. At Meme Insider, we're all about keeping you in the loop on these fast-moving meme token stories—whether it's migrations, pumps, or the next big Solana sensation.

Stay tuned for more breakdowns on how this plays out for SLERF's price and community. If you've already migrated, drop your thoughts in the comments!