Justin Sun’s Alleged Role In The $10M Memecoin Burn Slerf

Key Points:

• The memecoin Slerf, after raising $10 million, mistakenly sent all funds to a token burn address instead of its investors.
• TRON’s founder, Justin Sun, sparked rumors of being behind Slerf after announcing that HTX will donate all Slerf trading revenue to private sale participants.

Justin Sun’s alleged role In Slerf, a memecoin that raised $10M in presale only to burn it. Sun pledged to donate Slerf trading revenue.

The memecoin Slerf, represented by a sloth and recently launched on Solana, has generated a buzz in the crypto world.

After raising $10 million in a presale, the project developers accidentally sent all the funds to a token burn address instead of distributing tokens to investors. The Slerf team admitted and apologized for the mishap.

Despite this, Slerf, which started trading at around $0.3 per coin, saw its price surge to $1.4 within a few hours. Some believe this incident was a marketing stunt as news about Slerf spread rapidly.

Readmore: Solana Memecoin Slerf Burns $10 Million In Presale Funds: A Novel Case Study

Justin Sun’s Alleged Role in Memecoin Slerf

24 hours later, Justin Sun, the founder of TRON, announced that HTX, the primary trading market for Slerf, would donate all Slerf trading revenue to the private sale participants on HTX.

Rumors have circulated within the X community that Justin Sun is the mastermind behind Slerf. Back in May 2023, Sun revealed his plans to trade memecoins and potential projects for entertainment, with a pledge to donate any profits to charity.

A tweet about this has garnered over 2.5 million views and 6,300 likes. Some speculate this might be a tax strategy for the crypto billionaire.

Tron’s Support and Incentives for Developers

Sun also clarified that his trading activities should not be considered financial advice and there’s no guarantee that the projects he invests in will be listed on exchanges he’s associated with.

He also announced a grant of up to $1 million to support developers and their innovations, and the establishment of the Memeverse fund to reward popular meme token projects in the Tron ecosystem.