Solana-based SLERF ‘accidentally’ burns tokens worth $10 million

A Solana-based memecoin project, Slerf [SLERF], unsettled presale investors and made news on 18 March for all the wrong reasons. According to the team, they accidentally burnt $10M worth of received Solana [SOL]. The funds were designed to create a liquidity pool and allow presale investors to get free SLERF tokens.

Talking about the alleged mishap on X (formerly Twitter), Slerf claimed that it was not intentional, but an accident. 

“Guys, I f*cked 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.”

Documenting how the irreversible mistake happened, Slerf added, 

“I initially tried to burn the LP using Solana tools Vercel and it wouldn’t go through. So, I went to Sol incen and was clearing out the shitcoins people sent to the wallet and accidentally burned them with the pile of other coins.”

Slerf riding the Solana meme craze

Solana-based memecoins have been a smash hit during the ongoing bull market cycle, and users are rushing to cash in on the narrative. Over the last 24 hours alone, this category hit $6B in market surge and surged by +50%, as per Coingecko’s data.

At press time, Slerf [SLERF], Book of Memes [BOME], and Dogwifhat [WIF] were at the top of the trending section. Like other meme projects, presale investors are always set to benefit more, especially if a project garners massive traction.

Slerf, to its credit, had a successful launch too. At press time, SLERF was up +3,000% after its debut, attracting the attention of tier-2 exchanges like Bybit, Poloniex, and MEXC.

To calm presale investors as SLERF mooned, the team stated, 

“On a positive note, we made history; on the negative note, a ton of people have lost their money. We have full intentions of making this right the best we can for the presalers to make them whole.”

That being said, how the team will make presale investors whole again remains to be seen.