Key Points
- Solana-based project Slerf finished raising $10 million from investors in presale but faces challenges and backlash after burning a major portion of the supply.
- The question remains: was this an accident? Furious tweets flood X.
Slerf is a Solana-based memecoin project that has just finished raising $10 million from investors, and no one got to celebrate the achievement because the bomb news just dropped.
Slerf is now facing massive challenges and backlash from the crypto industry after the founder “accidentally” burned a major portion of the token supply. The move shook the price and volume trajectory of the memecoin.
Slerf Developer Announces Losing Presale Money
Long story short, the developer announced losing $10 million – all the presale participants’ money.
“Guys I f—ed up,” the project’s official X account posted.
“I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so f—ing sorry.”
The Slerf team later took the subject on X Spaces and elaborated more details about the situation.
“I’m sick to my stomach,” team member Slorg said in a Space on X. “I’m literally about to throw up.”
“I’m lost for words,” then adding, “I don’t know what to do.”
Traders are debating the issue on X, noting the dangers of FOMO buying and the insane SLERF price trajectory:
FOMO Buying is very dangerous!
This trader lost 3,731 $SOL($775K) in just 1 hour by trading $SLERF!
He spent 5,004 $SOL to buy 790,236 $SLERF at $1.32(the highest price point).
The price of $SLERF began to plummet after his purchase.
When $SLERF rose again, he spent another… pic.twitter.com/tOATfeJynj
— Lookonchain (@lookonchain) March 18, 2024
The price of SLERF pumped by about 242% in the first hour after the news came out, while traders on X claimed that the most probable course of the coin would be $1 billion.
At the moment of writing this article, SLERF is trading in the red, with the coin being priced at $0.437, down 33.66% in the past 24 hours. The coin’s market cap is $232,057,285.
This comes after the price of the coin rose to $1.4 which means 50x in about 6 hours, and after the massive move, the collapse began.
Lookonchain noted that there’s even a trader who was able to make more than $3 million in only 12 minutes trading SLERF.
Unbelievable!😱
This guy made ~$3.02M in just 12 minutes by trading $SLERF!
He spent 9,894 $SOL($1.98M) to buy 69.74M $SLERF immediately after opening trading.
Then sold it for 25,001 $SOL($5M) within 12 minutes.
Making 15,107 $SOL($3.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj
— Lookonchain (@lookonchain) March 18, 2024
As expected, following the unfortunate event, Solana is trending on X at the moment, with people saying that this is complete madness and they have never seen anything like it.
Honestly wtf is going on lol $SLERF has done $1.66bn of volume in the last 24h (actually only been around for a few hours) which makes it the 11th most traded coin out of the entire cryptocurrency market lol.
Just total madness I’ve never seen anything like it. pic.twitter.com/xt6gdOoHAp
— OSF (@osf_rekt) March 18, 2024
Solana has been trending on social media since the weekend, along with BOME.
The surge in SLERF’s volume is pretty remarkable, and it highlights the highly dynamic and, at the same time, unpredictable nature of the crypto market. But, in the end, presale buyers and now rekt.
