Despite the developer’s error in burning the liquidity provider and tokens, the sloth-themed meme currency Slerf on the Solana network collected $10 million in a so-called presale and gained popularity immediately.
The debut of SLERF coincides with developers’ efforts to raise millions of dollars in presales, which has led to a jump in the price of Solana’s SOL token. It now crosses the $200 barrier, a milestone not seen since November 2021.
Despite a significant error, one of the most recent tokens to emerge from the Solana meme coin presale narrative has amassed thousands of unique holders, multiple exchange listings, and a $1.7 billion trading volume in the few hours since going live.
On Monday, the presale for Slerf, a meme currency on the Solana network with a sloth theme, reached $10 million. This coin is one of many that have recently surfaced as presales, or fundraising sales, before the official launch, in the days after Book of Meme (BOME) became successful.
Unfortunately, the project’s developer lost all of the collected funds since they sent the tokens to a burn address, which is an address that no one controls.
“I destroyed the record and the tokens designated for the airdrop,” @slerfsol posted on X. I am unable to mint them since my mint authorization has already been withdrawn. Unfortunately, I am unable to resolve this issue. I am so sorry.”
“This isn’t a game. I messed up badly and I’m sorry.” They clarified thereafter that it was only a careless mistake made when they were destroying the record. As the name suggests, an LP provides cash flow.
According to a post by Lookonchain, an on-chain research tool, traders have won millions of dollars betting on the newly issued coins. According to the business, one trader was able to make slightly more than $3 million in little over 12 minutes, starting with $1.9 million.
The debut of SLERF followed a long-running storyline in which developers raised millions of cash, mostly in SOL tokens, with the promise of an airdrop of meme coins. According to some on-chain observers, these presales received coins valued at more than $100 million over the weekend. The craze helped push the price of SOL above $200, which hadn’t happened since November 2021.
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