Key Points:
The Solana-based memecoin, Slerf, is facing a crisis after the developer accidentally burnt a major part of the token supply, resulting in a $10 million loss for presale participants. The developer, regretful and unable to rectify the error due to revoked mint authority, acknowledged the mistake publicly.
The Slerf team further discussed the situation, expressing their shock and confusion. One member even referred to the project as a “side quest,” prompting a participant to comment on the absurdity of losing $10 million in such a manner.
Despite the mishap, the price of SLERF saw a dramatic increase of about 240%, with one trader making over $3 million in a short span of 12 minutes. Some participants suggested shooting for a $1 billion valuation.
The incident occurred in the wake of a weekend filled with Solana-based memecoin presales, where random projects received significant funding, often in the millions.
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Originally, the developer raised $10 million (53k SOL) promising to add 100% of the SOL and 50% of SLERF to the liquidity pool, with the remaining 50% of SLERF to be airdropped to presale participants.
However, the developer accidentally burnt both the liquidity pool and the airdrop tokens, leaving no more tokens for minting as a refund.
The unfortunate event resulted in a total loss for those who deposited SOL for presale. The only way to obtain tokens was to buy them on the market, leading to a surge in SLERF’s value.
Given the situation, quick-acting individuals began purchasing in anticipation of a price increase to recuperate their capital.
Other Degen players who understood the situation also joined in, creating high demand and causing the SLERF chart to surge. Since its listing, it has increased 15x, reaching a market cap of over $400 Million and a volume of $600 Million.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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