Slerf's up 🏄
From a $10M mistake into the latest trend on Solana.
Earlier yesterday, the founder of the Solana-based SLERF memecoin made a colossal mistake by burning 53K SOL (~$10.6M) worth of LP tokens, including the tokens that were meant to be distributed to the presale participants.
Quickly realizing his mistake, the developer of SLERF posted several apologies on X, but the hilarity surrounding the situation attracted plenty of buyers to the memecoin.
With no tokens left for presalers to sell, crypto degens turned bullish on SLERF, pushing the price by 65x from $0.02 to a peak of $1.30, which also resulted in quick listings on several exchanges.
While many may think that the creator of SLERF committed an honest mistake, some have pointed out that this whole thing could have been an elaborate marketing stunt, as evidenced by the dev refunding his own deposit of 1,050 SOL from the liquidity pool before the tokens were burnt.
The accusations, together with several claims that the LP tokens could be recovered, resulted in the price of SLERF plummeting back down to as low as $0.40.
However, the recent wave of support from other crypto projects such as HTX and Jupiter, who have pledged to use the trading fees from their SLERF markets to make the original presalers whole, have caused the price of SLERF to surge even higher to a new all-time high of $.130 today.
Editor's Take:
It's hard to top the story of BOME, but the story of SLERF may have just done so. With liquidity quickly flowing from one presale token to another, it can be difficult to keep up with all the craziness that's happening on Solana right now. However, the presale trend seems to be tapering off, and we could use a little bit of rest before the next meta rolls around.
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