The anonymous developer of the Slerf memecoin has admitted to mistakenly burning $10 million worth of tokens intended for its presale.
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This incident occurred amidst the frenzy surrounding meme-inspired projects in the cryptocurrency market, where investors exhibit high levels of speculative behavior. The Slerf (SLERF) presale, like many others, reached millions in funding within a short time. However, investors now find themselves in a puzzling situation due to this unexpected turn of events.

Slerf Developer’s Costly Mistake
Slerf, a meme-inspired project, had successfully raised 50,000 SOL (equivalent to over $10 million) and $10 million worth of stablecoins for its token presale. These funds were intended to provide liquidity for the token’s launch, with contributors expecting allocations in return.
Once i did that I went back to solana tools website and burned the lp not noticing I had burned the tokens just before.The biggest probly here is I don't have 10m to refund the presalers. I've been up for 3 days preparing this and fumbled at the finish line.— Slerf (@Slerfsol) March 18, 2024

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However, investors were met with a shock when the Slerf developer announced on X that they had mistakenly burned over $10 million worth of liquidity provider (LP) tokens and tokens meant for presale contributors. The developer attributed this mistake to an attempt to clear unwanted “shitcoins” from the developer wallet, inadvertently burning them along with other coins.
As a result of this error, the developer revoked the ability to mint more tokens. Consequently, presale investors will no longer receive their earlier allocated airdrop tokens. Unfortunately, the developer stated that they lack the funds to refund those who contributed to the presale, leaving investors in a challenging position.
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Slerf Token Launch Proceeds Despite Fund Mishap
Despite the significant mishap involving investor funds, the launch of the Slerf token proceeded as planned. The project launched with its initially issued supply before the mistaken burn occurred.

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According to CoinGecko data, the project boasts a total supply of approximately 500 million tokens and achieved a peak market cap of $622 million in the hours following its launch. Presently, the token is trading at $0.79, having reached a peak of $1.24 earlier in the day.
The community remains engaged in discussions regarding the burn incident’s nature. Some speculate whether it was a genuine mistake, a potential scam attempt, or a calculated marketing strategy to attract more investors to Slerf. Others perceive it as an indirect advantage for the trending Solana coin, as the cryptocurrency’s supply is now permanently reduced due to the error.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Slerf #SOL #Altcoin #Cryptocurrency #CryptoNews $SOL $BTC $ETH

In an extraordinary display of the #memecoin craze, a new Solana-based token named SLERF has taken the crypto world by storm, surpassing the total trading volume of all decentralized exchanges (DEXs) on the Ethereum blockchain within just over a day of its launch. 

With a sloth as its mascot, #Slerf recorded a staggering trading volume of more than $2.7 billion in the 24 hours following its release, according to data from DEXScreener. This volume resulted from 800,000 trades executed by 130,000 individual traders, highlighting the explosive interest in the SLERF/USD pair.
More than $1.7 billion of these trades were conducted through Raydium, a Solana-based exchange, as per the data provided by CoinGecko. This influx of activity starkly contrasts with the $2.3 billion cumulative volume processed by Ethereum's exchange applications within the same timeframe, showcasing the shifting dynamics in the decentralized finance (DeFi) landscape, as reported by DefiLlama.
The Rise of Slerf
The origins of #SLERF trace back to a token presale that saw it raising $10 million from enthusiastic users. The token's sudden rise to fame was further propelled by an unexpected twist when its developers announced they had inadvertently sent all the raised funds to a burn address, rendering the money inaccessible. This incident, however, did not deter the crypto community's eagerness to trade SLERF, which saw its price skyrocket to $1.4 from an initial value of approximately 3 cents in a matter of hours. The token's distribution occurred through several Solana-based exchanges, including Jupiter and Orca.
SLERF's unforeseen success has led some in the crypto space to label it a "blue-chip meme," likening its potential and stability to that of blue-chip stocks known for their reliability and long-standing reputation in the traditional financial market. This designation stems from factors such as SLERF's fair distribution among holders and the anticipated demand for the token.
Community Efforts and Donations
In a bid to compensate the presale participants affected by the mishap with the funds, SLERF's developers have called upon the Solana community for donations. Crypto exchanges like HTX and Bitget have stepped forward, committing the trading fees generated from SLERF transactions to a dedicated donation address. This initiative has successfully amassed over $450,000 in contributions as of the latest reports from European morning hours on Tuesday.
This unexpected surge in a meme coin's popularity underscores the volatile yet increasingly intriguing nature of the cryptocurrency market, where community sentiment and meme culture can significantly influence trading behaviors and market dynamics.
$SOL #SOL #HotTrends

Slerf’s donation campaign raised over $500,000 in SOL within 12 hours to help those affected by the presale issue. Crypto exchanges HTX (formerly Huobi), Bitget, and BingX pledged to donate trading fees to support the Slerf community.
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This follows an incident where the meme coin’s anonymous developer accidentally burned $10 million in presale funds. Despite the setback, market speculators increased the token’s value by over 5,000%, pushing its price above $1.

Support Initiatives for SLERF Community by Crypto Exchanges
In a significant announcement on March 19, cryptocurrency tycoon Justin Sun unveiled HTX’s initiative to direct trading fees to individuals who participated in the private sale on HTX. Moreover, HTX plans to allocate HTX tokens for SLERF’s trading fee mining, aiming to benefit users on its platform.
As No.1 trading markets for @Slerfsol, HTX have decided to donate all Slerf trading revenue on @HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on https://t.co/y7nJ0Tgrcj! User first！— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024

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Bitget’s managing director, Gracy Chen, echoed support by declaring that Bitget would dedicate all SLERF trading fees to assist the community, with a focus on aiding those involved in the presale. Chen pledged to provide detailed donation updates on a weekly basis.
Similarly, BingX from Singapore announced its decision to contribute trading fees from users’ SLERF spot trades and distribute future BingX Global Debut tokens to addresses that participated in the Slerf private sale but did not acquire tokens.
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Conversely, MEXC, despite being an early lister of SLERF on its centralized trading platform, has yet to announce any plans to assist the Slerf community.

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Accumulated Support for SLERF Project
The dedicated donation address for SLERF has amassed 2,600 SOL, valued at about $500,000, along with additional SPL tokens worth approximately $16,000. These funds will offer much-needed assistance to the project and its supporters, alleviating the adverse effects of the token loss.
Challenges Faced by Pre-Sale Investors in SLERF Project
Investors who participated in the pre-sale encountered uncertainty upon discovering that the project’s anonymous developer accidentally burnt $10 million worth of tokens raised from presale investors. This revelation led to dismay and skepticism among backers, raising doubts about the future viability of the meme coin.

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Subsequently, it emerged that the developer had purportedly pledged $200,000 in SOL tokens to the project before unintentionally burning the funds. The loss of significant tokens intensified disappointment and skepticism among investors, further undermining confidence in SLERF’s prospects.
Exchanges List SLERF Despite Challenges
Despite these setbacks, several major exchanges have listed the token, including HTX (formerly Huobi) and Bitget. Bybit has also engaged the community through social media, seeking input on whether to list the SLERF token.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Bitcoin #Altcoin #Cryptocurrency #CryptoNews #Slerf $BTC $ETH $SOL