Solana-Based Slerf (SLERF) Founder Pledges Compensation Efforts After Burning $10M Worth of Presale Funds
In Brief
Founder of Solana-based memecoin Slerf, which accidentally burnt a portion of the token supply, leading to a $10 million loss, announced that the team is putting maximum effort to address the issue.
Founder of the new Solana-based memecoin Slerf (SLERF), which accidentally burnt a substantial portion of the token supply, leading to a $10 million loss, announced that the team is putting forth maximum effort to address the issue. In a post on the project’s account on the social media platform X, the team expressed their commitment to rectifying the situation and ensuring that presale participants are compensated accordingly.
“We are fully 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 among the latest tokens to emerge from the Solana meme coin presale trend and has swiftly secured multiple exchange listings, generating a trading volume of $1.7 billion and garnering thousands of unique holders within hours of its launch, despite encountering a significant setback.
The token raised $10 million in a presale conducted on Monday, becoming a part of a series of presales or fundraising sales before the official introduction that has emerged in recent days following the success of Book of Meme (BOME) earlier this month. However, the project’s developer accidentally lost all the funds raised after mistakenly transferring the tokens to a burn address, which is not under anyone’s control.
After the incident, the Slerf team participated in an X space session to provide additional insight into the situation. “I’m struggling to find the right words,” said the team member Slorg during the X Space. Furthermore, following Slorg’s characterization of the Slerf project as a “side quest,” a participant in the Spaces discussion interjected: “It’s astonishing to lose $10 million on what’s considered a side quest.” Meanwhile, some X Space participants suggested that the optimal strategy going forward is to “send it to $1 billion.”
Following the rapid increase in SLERF price, which saw a surge of approximately 242% earlier today, the price decreased and is currently trading at $0.3881 as of writing time. This marks a decline of over 40% over the past 24-hour period, according to data from CoinMarketCap.
SLERF Token’s Rise Wider Impact
The move was perceived by some users as a marketing maneuver, as reports of the burn gained widespread attention on X. However, this did not hinder the enthusiastic market from purchasing and trading the tokens. SLERF was subsequently listed on Solana-based exchanges such as Jupiter and Orca, leading to a rapid surge in its price from an initial value of around 3 cents to a peak of $1.4 within a few hours. The token generated trading volumes totalling $1.8 billion, with 500,000 individual trades executed by 106,000 traders thus far, according to data from Birdeye.
The launch of Slerf coincided with an ongoing trend where developers have been raising significant amounts of capital, typically in SOL tokens, by offering the promise of a meme coin airdrop. Over $100 million worth of tokens were transferred to these presales during the recent weekend. This surge in activity notably contributed to the price of SOL surpassing $200 for the first time since November 2021.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
