SLERF, a meme coin inspired by sloths on the Solana network, secured $10 million during its presale phase, swiftly capturing the attention of the crypto community despite a technical mishap where the developer accidentally burned both the liquidity provider and tokens. The debut of SLERF coincides with a trend where developers are amassing substantial funds through presales, fueling a significant uptick in Solana's SOL token price, which surpassed the $200 threshold for the first time since November 2021.
The Controversy: Burned Presale Funds
In a surprising turn of events, a developer on the Solana network unintentionally destroyed $10 million in pre-sale tokens for SLERF following an anonymous fundraising effort on Twitter (now known as X). This incident adds a new chapter to the meme coin saga, which has witnessed a mix of dramatic gains and notable setbacks.
Enthusiasts in the crypto community eagerly transferred funds to a contract address shared by the Slerf developer. However, a critical error occurred during the token distribution phase, resulting in the irreversible burning of the tokens.
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The Rise: SLERF $2 Billion Volume in 12 Hours
In an unexpected twist of fate, Slerf surged to $3 billion in trading volume and more than 78,000 holders in just the first day of its launch, as per blockchain analytics. The inadvertent destruction of the liquidity pool (LP) tokens and a significant portion of the total supply seemingly acted as a bullish signal. Currently, SLERF is priced at above $1 with more than $500 million in market capitalization.
Source: Solscan
The phenomenon of meme coins has seen investors eagerly sending their funds to obscure addresses posted on social media platforms like Twitter, hoping to catch the wave of the next big sensation, akin to the recent success stories like Book of Meme (BOME) on the Solana network.
A common practice in the meme coin arena involves the creators burning the LP tokens shortly after launch. This move, aimed at reassuring investors, signifies that developers cannot withdraw the pooled liquidity, thereby increasing the coin's credibility. Additionally, developers often relinquish control of the original contract to further cement trust among the community, a step also taken by the Slerf developer. However, this action later hindered any attempts to amend the accidental burning of both the LP tokens and the Slerf designated for airdrop.
The story of Slerf began like many others: a social media account was created, a meme was launched, and funds were gathered. Yet, a crucial error occurred during the planned burning of LP tokens and token distribution, leading to the loss of both the LP tokens and the airdropped Slerf.
Acknowledging the error, the developer took to Twitter Spaces, spending hours discussing possible solutions for the $10 million mishap.
Despite its chaotic start, Slerf has carved out its trajectory. With the LP tokens gone and the contract ownership revoked, the trading community seems to have adopted a "nothing more to lose" attitude, driving significant interest and investment in the coin. Slerf's listing on several centralized exchanges and the explosive trading volume in its initial hours hint at more developments on the horizon for this unexpected meme coin sensation.
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