SLERF Surges 52% As Market Cap Hits $505M After Developer Accidentally Burned $10M Of Presale Funds

Updated: 19 March 2024

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The SLERF price skyrocketed more than 52% in the last 24 hours to trade at $0.9422 as of 3:30 a.m. EST after its developer accidentally burned $10 million of presale funds.

Slerf, the latest meme coin sensation to enter the Solana ecosystem, racked up more than $3.2 billion in trading volume and hit a market capitalization of $505 million.

It also establish an all-time high of $1.37 earlier today after gathering several thousand unique addresses holding the altcoin just hours after launch.

It achieved all that despite a very unusual market entry after its developer said $10 million-worth of presale fund tokens were sent to a burn address that is not controlled by anyone, making them impossible to reclaim.

“I burned the LP and the tokens that were set aside for the airdrop,“ said the project’s pseudonymous developer in a Mar. 18 X post. ”Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so fucking sorry.”

Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.

Mint authority is already revoked so I can not mint them.

There is nothing I can do to fix this.

I am so fucking sorry.

— Slerf (@Slerfsol) March 18, 2024

Despite this mishap, investors and traders are actively engaging with the meme coin after it found its way onto Solana-based exchanges Jupiter and Orca.

Solana Meme Coin Rush

The development came amid a spate of flash crypto presales in recent days based on just posts on X. Some on-chain analysts estimate that over $100 million worth of SOL tokens were sent to a mix of such meme coin presales throughout the past weekend.

ICOs hosted outside of the Solana ecosystem have also been thriving as the crypto community tries to find the next BOME or SLERF. One standout in recent days is called Dogecoin20, which has sucked in more than $2.8 million in a matter of days.