- A Solana meme coin called Slerf raised $10 million in a presale, but the developer accidentally sent the funds to a burn address, losing access to the liquidity.
- Despite the major error, interest in Slerf exploded, with the token price spiking to $1.4 and over $1.7 billion in trading volume from 100,000+ traders in the first few hours.
- The frenzy around Slerf comes amid a surge of meme coin projects on Solana raising millions through presales, showing hype matters more than fundamentals in crypto.
The Solana ecosystem has seen a frenzy of activity around memecoin projects raising funds through presales. One of the latest examples is Slerf, a sloth-themed token that quickly gained immense popularity even after the developer made a major error.
The Explosive Presale That Vanished
Slerf raised $10 million through a presale on Monday, riding the hype from other recent meme coin launches like Book of Meme. However, the developer accidentally sent the presale funds to a burn address, losing access to the liquidity. “This is not a joke, I really messed up. It was a simple mindless misclick,” they admitted.
A Frenzy Despite the Snafu
Remarkably, the developer’s blunder did little to dampen interest in SLERF. The token got listed on exchanges like Jupiter and Orca, and the price briefly spiked to $1.4 from $0.03. Trading volumes exceeded $1.7 billion from over 100,000 traders in the first few hours. Some traders even netted millions in profits from the frenzy.
The Larger Solana Meme Coin Craze
The mania surrounding SLERF comes amid a surge in meme coin projects on Solana raising millions through presales. Estimates suggest over $100 million worth of SOL flowed into presales over the weekend, helping push SOL prices over $200 for the first time since November 2021.
Conclusion
In the world of crypto meme coins, hype and narratives seem to matter more than fundamentals. The story of SLERF shows that traders will flock to a token regardless of major red flags like a developer losing $10 million in funds. Solana continues to be a hotbed of activity and risk as investors chase meme coin riches.
