The memecoin SLERF, initiated on the Solana blockchain and initially funded via pre-sale on a social media platform, has recently outperformed its competitor BOME in market valuation, achieving a noteworthy $612 million. This surge propels SLERF into the top ranks of the meme coin sector, claiming the eighth spot amidst its expanding ecosystem.
Unexpected Token Burn Shocks SLERF Investors
SLERF gained unexpected publicity when an inadvertent blunder during the token’s launch resulted in the burning of the entire liquidity pool and AirDrop tokens. This astonishing event has drawn significant attention from the crypto community.
Investors who bought into the pre-sale faced a moment of uncertainty as it was disclosed that the ability to create new tokens was removed from the project’s contract. After having raised over 50,000 SOL, equivalent to $10 million, the team informed investors that neither tokens nor refunds in SOL would be issued.
The mishap leading to the burning of crucial tokens brought disappointment and skepticism among the backers, casting a shadow on the memecoin’s future. The refusal to compensate those who contributed to the pre-sale further diminished trust in SLERF, regardless of its market performance.
Community Support Bolsters SLERF Amid Challenges
Despite the adversities, SLERF has received considerable backing from the broader cryptocurrency enclave, including substantial donations and pledges from prominent exchanges. BingX, HTX, and Bitget have all committed to contributing SLERF trade fees to the project’s recovery efforts.
The dedicated donation address for SLERF has amassed a remarkable 2,300 SOL, valued at about $430,000, and additional SPL tokens worth approximately $16,000. These funds are poised to offer much-needed assistance to the project and its adherents, with the aim of lessening the adverse effects of the token loss.