The founders of Solana-based Slerf (SLERF) promise to compensate their efforts after burning through $10 million worth of pre-sale funding.
Posted: March 18, 2024 12:13 PM Updated: March 18, 2024 12:17 PM
Correction and fact check date: March 18, 2024, 12:13 p.m.
briefly
The founder of Solana-based memecoin Slerf, which accidentally burned part of its token supply, causing a loss of $10 million, announced that the team is making every effort to resolve the issue.
The founder of Slerf (SLERF), a new Solana-based memecoin that accidentally burned a large portion of its token supply, resulting in a loss of $10 million, announced that the team is making every effort to resolve the issue. In a post on the project account on social media platform
“We are willing to do our best. Make presellers whole again,” said @Slerfsol in the post.
Slerf, a sloth-themed meme coin on the Solana Network (SOL), is one of the latest tokens to come out of the Solana meme coin presale trend and quickly gained multiple exchange listings, generating $1.7 billion in trading volume and thousands of tokens. You have earned a unique token. Despite serious setbacks, it had holders within hours of launch.
The token raised $10 million in a presale held on Monday, becoming part of a series of presales or fundraising sales ahead of its official introduction that have emerged in recent days following the success of Book of Meme (BOME) earlier this month. However, the project developers accidentally lost all the funds raised after accidentally sending the tokens to a burn address that no one had control over.
Following the incident, the Slerf team participated in an X-space session to provide further insight into the situation. “I’m having a hard time finding the right words,” said Slorg, a team member at X Space. Additionally, after Slorg characterized the Slerf project as a “side quest,” one participant in the Spaces discussion said: “Losing $10 million on what is considered a side quest is surprising.” Meanwhile, some X Space participants suggested that the optimal strategy going forward would be to “send in $1 billion.”
After a sharp rise in the price of SLERF this morning, with a surge of around 242%, the price has fallen and is currently trading at $0.3881 at the time of writing. This represents a decline of more than 40% in the last 24 hours, according to data from CoinMarketCap.
Impact of increased increase in SLERF tokens
As reports of the burning gained widespread attention on X, some users perceived the move as a marketing ploy. However, this did not stop the enthusiastic market from buying and trading the token. SLERF was then listed on Solana-based exchanges such as Jupiter and Orca, and its price skyrocketed from an initial price of around 3 cents to a high of $1.4 within a few hours. According to data from Birdeye, the token has generated a total trading volume of $1.8 billion, with 106,000 traders executing 500,000 individual trades so far.
The launch of Slerf coincides with an ongoing trend of developers raising significant amounts of capital with SOL tokens, usually by promising meme coin airdrops. Over a recent weekend, more than $100 million worth of tokens were transferred into these presales. This surge in activity has pushed the SOL price above $200 for the first time since November 2021.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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