In just 12 minutes, an investor became a millionaire thanks to SLERF, a new meme coin built on the Solana blockchain.
In the crypto community, there’s a buzz about an anonymous individual’s profit story. This person managed to make a whopping $3.02 million in profits in just 12 minutes, capturing the attention and admiration of thousands of investors. Now, let’s delve into what exactly happened.
How a Crypto Trader Turned $1.98 Million into $3.02 Million in Just 12 Minutes
The news of a crypto trader’s impressive profit caught the attention of many after a post by Elja, formerly known as Twitter. According to the post, the trader invested $1.98 million to purchase 69.74 million SLERF tokens in exchange for 9,894 Solana tokens. Surprisingly, within the next 12 minutes, the trader sold those tokens for 25,001 $SOL, amounting to $5 million and resulting in a profit of $3.02 million.
In just 12 minutes, this individual generated approximately $3.02 million by trading $SLERF.
He invested $1.98 million to purchase 69.74 million $SLERF, using 9,894 $SOL, immediately after the trading session began.
Within the same 12-minute period, he sold the $SLERF for… pic.twitter.com/UMELPw1lCR
— Elja (@Eljaboom) March 18, 2024
The SLERF Phenomenon: From Sloth Theme to Rapid Growth
SLERF, a meme coin built on the Solana blockchain with a sloth creature theme, witnessed rapid growth despite its slow namesake. An unrelated incident triggered a significant surge in SLERF prices, leading to unexpected profits for investors.
The $10 Million Mishap: SLERF’s Unintended Price Surge
In a twist of events, one of the SLERF developers accidentally burned $10 million worth of SOL raised during the token presale. This incident not only depleted the entire liquidity pool but also contributed to the unexpected hike in SLERF prices.
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
Developer’s Apology and Presale Update
Following the incident, the developer of SLERF issued an apology on X, clarifying that an attempt to burn the liquidity pool (LP) resulted in the accidental burning of Solana tokens due to a series of wrong clicks. The developer assured the community of refunds from the initial presale to all participants who join the new one.
Despite the mishap, SLERF’s price skyrocketed by over 4500% to $1.07 immediately after the incident. However, the price has since experienced a significant drop of more than 64%, with the token currently trading at $0.4179. This fluctuation follows a surge from its initial price of $0.012 to an all-time high before stabilizing at its current value.
Over ten exchanges have already listed SLERF, with more expected to follow suit. While some speculate the incident to be a marketing strategy, others continue to invest in the token. Notably, crypto investor Alex Cruger dubbed SLERF’s decentralized exchange launch as the most remarkable in the token industry.
In Summary
SLERF, whether propelled by a marketing strategy or an unintended error, has captured significant attention in the crypto world. With one investor making a staggering $3.2 million profit in just 12 minutes, the token gained a strong foothold among potential investors. However, today, its prices have dipped to $0.4 after reaching an all-time high of $1.07.
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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