The Solana Meme Coin Slerf Saga: Developer Blunders as Trader Profits Massively Within Minutes

The developer behind the new Solana-based memecoin, Slerf ($SLERF), inadvertently burned a substantial portion of the token supply, amounting to a $10 million loss for presale participants.

The catastrophic mishap unfolded when the developer, in a candid admission on the project’s official X account, confessed, “Guys, I f—ed up. I burned the liquidity pool and the tokens meant for the airdrop.” Consequently, with the mint authority revoked, the lost tokens could not be reminted, leaving the team powerless to rectify the situation.

A Trader’s Serendipitous Windfall

Amidst the chaos, however, an opportunistic trader managed to capitalize on the situation, netting a staggering $3.02 million profit in a mere 12 minutes. According to data from on-chain analytics firm Lookonchain, the trader invested 9,894 SOL (approximately $1.98 million) to purchase 69.74 million SLERF tokens immediately after trading opened. 

Significantly, within just 12 minutes, they offloaded the tokens for 25,001 SOL (around $5 million), pocketing a cool 15,107 SOL ($3.02 million) in profit.

Market Reaction and Price Volatility

Despite the turbulence surrounding the project, SLERF’s price exhibited resilience. At the time of writing, CoinMarketCap data indicated a current price of $0.984604, with a 24-hour trading volume of $224,283,119. Significantly, the token’s price surged by 49.41% over the previous day, potentially driven by speculative trading activity.

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While the Slerf team grapples with the aftermath of their costly blunder, the incident underscores the inherent risks and volatility associated with the burgeoning memecoin landscape. As the dust settles, the crypto community eagerly awaits the project’s next moves and the potential repercussions of this unprecedented event.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.