- Slerf developer burned over $159 million in LP tokens and accidentally also burned tokens meant for pre-salers.
- Slerf tokenomics were 50% to the Liquidity pool and 50% airdrop to pre-salers.
- Surged more than 3,700% within the first hour of trading going live.
- $SLERF touched an all-time high market cap of $714 million in less than 24 hours and is on track to dethrone $BOME.
In an astonishing turn of events, a Solana-based meme coin named $SLERF has seen its market capitalization skyrocket to over $700 million in less than 24 hours following a presale mishap.
The incident, which sent ripples through the crypto Twitter (CT) community, involved the accidental burning of $10.7 million worth of presale funds by the coin’s developer.
The dev also burnt the LP tokens as a show of faith to the SLERF community that he was not going to run the project. At the current price, the burnt LP tokens are worth $159 million.
The meme coin, $SLERF, was launched with much anticipation and a presale that attracted significant attention. However, the dev made a critical error by accidentally burning the entire token supply meant for the presale.
This blunder resulted in the loss of over $10 million in presale participants’ money, with no means of minting the lost tokens.
Despite this setback, or perhaps because of it, the scarcity induced by the burn has led to a frenzied buying spree. Whales, or large-wallet investors, have accumulated $SLERF, contributing to its explosive price increase.
The coin surged more than 3,700%, a staggering rise that reflects the volatile and unpredictable nature of the cryptocurrency market.
$SLERF touched an all-time high market cap of $714 million in less than 24 hours and is on track to dethrone $BOME.
The developer took to social media to apologize for the mistake, stating it was a “simple mindless misclick” during the process of burning the liquidity pool tokens.
The community evoked mixed reactions, with some expressing sympathy for the developer’s human error, while others celebrating the unexpected windfall.
SLERF on the Way to Becoming the Solana Memecoin King
Nevertheless, the developer’s accountability for his mistake has garnered support from a host of exchanges like HTX, LBank, ByBit, and MEXC. They have promised to use the trading fees collected from trading $SLERF to refund the pre-salers who lost their funds.
LBank exchange is at the forefront of this campaign and holds the keys to the donation wallet.
As the dust settles on this presale blunder, the cryptocurrency community will be watching closely to see how $SLERF fares in the market. Will it maintain its meteoric rise, or will it succumb to the volatility that often characterizes these digital assets? Only time will tell.