Solana

Memecoin

SLERF

Millions

A new <a href="https://www.newsbtc.com/news/solana/solana-tokens-among-top-gainers-jup-and-wen-soar-over-12-wif-hits-new-ath/" target="_blank" rel="noopener ">Solana-based</a> memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects. 
Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised $10 million during its presale and saw most of the token supply burned by accident. 
<h2 style="font-weight: 400" id="solana-memecoin-launch-sees-millions-gone">Solana Memecoin Launch Sees Millions Gone</h2> 
Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account <a href="https://twitter.com/Slerfsol/status/1769620303229952445" target="_blank" rel="noopener nofollow">announced</a> it had successfully burned $10.8 million worth of SLERF. 
For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked. 
<img loading="lazy" decoding="async" class="size-large wp-image-598533 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=860&amp;resize=860%2C310" alt="slerf, memecoin, sol" width="860" height="310" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=1427 1427w, https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=860&amp;resize=860%2C310 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Captura-de-Pantalla-2024-03-18-a-las-7.41.15-a.-m.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.” 
The community quickly <a href="https://x.com/devtonic_sol/status/1769620999212028259?s=20" target="_blank" rel="noopener nofollow">realized</a> that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing. 
“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the <a href="https://twitter.com/Slerfsol/status/1769628592315748403" target="_blank" rel="noopener nofollow">post</a> read. He further explained that the mistake was a “simple mindless misclick” while burning the LP. 
It was further explained that after the first attempt to <a href="https://www.newsbtc.com/news/shiba-inu-mania-price-surges-60-as-burn-rate-heats-up-by-over-22000/" target="_blank" rel="noopener ">burn</a> the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens. 
The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants. 
<h2 style="font-weight: 400" id="from-sloths-to-whales-millions-made-in-12-minutes">From Sloths To Whales: Millions Made In 12 Minutes</h2> 
Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain. 
The blockchain research platform <a href="https://twitter.com/lookonchain/status/1769663277561430111" target="_blank" rel="noopener nofollow">revealed</a> that a whale wallet with over $32 million worth of SOL spent $606,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for $1.5 million in unrealized profits a couple of hours ago. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 Unbelievable!<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f631.png" alt="😱" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 This guy made ~$3.02M in just 12 minutes by trading <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SLERF</a>! 
 He spent 9,894 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SOL</a>($1.98M) to buy 69.74M <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SLERF</a> immediately after opening trading. 
 Then sold it for 25,001 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SOL</a>($5M) within 12 minutes. 
 Making 15,107 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SOL</a>($3.02M) in just 12 minutes!… <a href="https://t.co/KyKkefVdKj" rel="nofollow">pic.twitter.com/KyKkefVdKj</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769647961192239295?ref_src=twsrc%5Etfw" rel="nofollow">March 18, 2024</a>
</blockquote> 
A different whale wallet spent 9,894 SOL (worth $1.98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around $5 million) and made over $3 million <a href="https://www.newsbtc.com/news/pepe-whale-makes-8-13m-in-profit-as-bullish-rally-continues/" target="_blank" rel="noopener ">in profit</a>. 
However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest. &nbsp;Many users believe these movements to be from “insiders” and not “lucky people.” 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 – you aped 100 sol to <a href="https://twitter.com/search?q=%24slerf&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$slerf</a> presale 
 – its midnight and you have to step into the wage-cage monday morning so you go to bed 
 – you wake up &amp; casually check on how the launch went 
 – you see its at 1 billion, and think to yourself.. holy shit i must be up 7 figs 
 – you figure out… <a href="https://t.co/QhqrrSu4sG" rel="nofollow">pic.twitter.com/QhqrrSu4sG</a> 
 — ponzisaur (@ponzisaur) <a href="https://twitter.com/ponzisaur/status/1769656959521972356?ref_src=twsrc%5Etfw" rel="nofollow">March 18, 2024</a>
</blockquote> 
The Slerf creator <a href="https://x.com/Slerfsol/status/1769710069581512822?s=20" target="_blank" rel="noopener nofollow">guaranteed</a> it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish. 
Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them. 
The SLERF pumped to $1.24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at $0.59 at writing time. 
<img loading="lazy" decoding="async" class="size-large wp-image-598525 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=860&amp;resize=860%2C433" alt="Sol, SOLUSDT, solana, Slerf, memecoin" width="860" height="433" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=1022 1022w, https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=860&amp;resize=860%2C433 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/03/SOLUSDT_2024-03-18_07-38-05.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

Table of Contents

NewsBTC

Other articles published on Mar 18, 2024

Milady NFT memecoin reaches $18.6M presale goal in less than 2 hours

Meme coin Slerf is making millionaires despite presale mishap

Solana tests $170, while experts eye Milei Moneda

Reddit IPO Draws Major Interest, Targets $6.5 Billion Valuation

IMF Urges Pakistan to Implement Crypto and Property Gain Taxes

Leading Memecoins See a Price Decline as Pepe Coin (PEPE), Shiba Inu and Dogecoin (DOGE) Face Bea...

Join our free newsletter for daily crypto updates!