The anonymous developer of the Slerf memecoin has admitted to mistakenly burning $10 million worth of tokens intended for its presale.
This incident occurred amidst the frenzy surrounding meme-inspired projects in the cryptocurrency market, where investors exhibit high levels of speculative behavior. The Slerf (SLERF) presale, like many others, reached millions in funding within a short time. However, investors now find themselves in a puzzling situation due to this unexpected turn of events.
Slerf Developer’s Costly Mistake
Slerf, a meme-inspired project, had successfully raised 50,000 SOL (equivalent to over $10 million) and $10 million worth of stablecoins for its token presale. These funds were intended to provide liquidity for the token’s launch, with contributors expecting allocations in return.
Once i did that I went back to solana tools website and burned the lp not noticing I had burned the tokens just before.
The biggest probly here is I don't have 10m to refund the presalers. I've been up for 3 days preparing this and fumbled at the finish line.
— Slerf (@Slerfsol) March 18, 2024
However, investors were met with a shock when the Slerf developer announced on X that they had mistakenly burned over $10 million worth of liquidity provider (LP) tokens and tokens meant for presale contributors. The developer attributed this mistake to an attempt to clear unwanted “shitcoins” from the developer wallet, inadvertently burning them along with other coins.
As a result of this error, the developer revoked the ability to mint more tokens. Consequently, presale investors will no longer receive their earlier allocated airdrop tokens. Unfortunately, the developer stated that they lack the funds to refund those who contributed to the presale, leaving investors in a challenging position.
Slerf Token Launch Proceeds Despite Fund Mishap
Despite the significant mishap involving investor funds, the launch of the Slerf token proceeded as planned. The project launched with its initially issued supply before the mistaken burn occurred.
According to CoinGecko data, the project boasts a total supply of approximately 500 million tokens and achieved a peak market cap of $622 million in the hours following its launch. Presently, the token is trading at $0.79, having reached a peak of $1.24 earlier in the day.
The community remains engaged in discussions regarding the burn incident’s nature. Some speculate whether it was a genuine mistake, a potential scam attempt, or a calculated marketing strategy to attract more investors to Slerf. Others perceive it as an indirect advantage for the trending Solana coin, as the cryptocurrency’s supply is now permanently reduced due to the error.
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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