Slerf (SLERF), a project rooted in the Solana ecosystem, recently faced a catastrophic loss of $10 million in presale funds due to an accidental token burn, prompting the founder to pledge efforts in compensation.
In Brief
The founder of the Solana memecoin Slerf revealed that a critical blunder led to the loss of a substantial amount of the tokens that were meant for presale, valued at $10 million, and assured that the team is fully dedicated to resolving this unfortunate event.
Founder In response to the disastrous incident that saw the accidental destruction of a significant portion of the Slerf token supply, which resulted in losses of $10 million, the team took to social media platform X to express their determination to fix the issue and ensure that presale investors are appropriately reimbursed.
In the posting, @Slerfsol stated, “We are committed to doing everything we can to restore the presale participants’ investments.”
Slerf, a sloth-themed meme coin Operating on the Solana network (SOL), Slerf has quickly emerged as one of the newest tokens within the meme coin presale craze, quickly achieving listings on multiple exchanges and generating a remarkable trading volume of $1.7 billion, attracting a significant number of holders in just hours after its introduction, despite facing a major setback.
The presale event for Slerf, which took place on Monday, generated $10 million, as part of a series of fundraising efforts preceding public launches that have followed the recent success of Book of Meme (BOME) earlier this month. Unfortunately, the developer mistakenly sent the raised funds to a burn address, which is inaccessible.
After the incident, members of the Slerf team hosted an X space session to clarify the situation. One member, Slorg, shared, “I’m struggling to articulate this correctly.” During the discussion, when Slorg referred to Slerf as a “side quest,” one participant responded with disbelief, saying, “It’s shocking that a side quest could lead to a loss of $10 million.” Some participants in the X Space even proposed ambitious strategies, suggesting, “Let’s aim for a valuation of $1 billion.”
Following a remarkable surge in the SLERF price, which jumped nearly 242% earlier in the day, there was a subsequent decline, and the token is trading at $0.3881 as of this writing. This represents a drop of more than 40% in the last 24 hours, according to CoinMarketCap data.
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SLERF Token’s Rise Wider Impact
Some users viewed the burning incident as a savvy marketing tactic, as it gained traction on X. Nevertheless, the market momentum didn’t stall, and the tokens continued to see enthusiastic trading activity. SLERF was soon listed on Solana-centric platforms like Jupiter and Orca, pushing its price from an initial value of around 3 cents to a high of $1.4 within mere hours. The token has generated trading volumes reaching $1.8 billion, with 500,000 separate trades conducted by 106,000 traders, according to Birdeye stats.
The launch of Slerf coincided with a broader trend among developers, who have been generating substantial capital using methods like SOL tokens , by offering the promise of a meme coin airdrop. In the preceding weekend alone, over $100 million worth of tokens were funneled into presale events, significantly contributing to the SOL price, which surged past $200 for the first time since November 2021.
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