NOIDA (CoinChapter.com)— In an unfortunate comedy of errors, Solana-based meme token Slerf managed to burn the funds it gathered in its presale. This, after memecoin prices across the board are not having a good day, what with profit booking paring the tokens’ gains.
However, the token managed to gain significant investor interest, with the token’s 24-hour on-chain volume flipping even that of Ethereum on March 19.
Presale Funding Burned
The Slerf token, which launched on March 18, lost $10 million of its pre-sale funds after the project’s developer accidentally burned a major portion of the supply. Slerfsol, the developer’s X username, revealed the news in a Space event on X.
Interestingly, the developer called Slerf a side project. However, Slerf’s misfortune worked in the token’s favor, as the resulting hype pushed SLERF prices up by more than 232% since March 18 to reach a daily high near $1.22 on March 19.
Furthermore, the mishap also resulted in the crypto community joining hands to help the unfortunate meme token Slerf team. Slerfsol promised to recoup the losses of the presale investors. Several crypto firms came together to donate funds, including crypto exchange Bitget.
The project’s developer appointed LBank, another crypto firm, as the custodian of the donation address. In a separate post, LBank acknowledged receiving 1,400 SOL tokens as a donation. Moreover, the firm shared that pre-sale participants would not need to register on LBank.
Instead, the firm would send the amounts owed to them to their wallets in SOL tokens.
Another crypto firm, BingX, shared that it would donate all the fees from SLERF spot trades to the project’s team in order to help rebuild.
The resulting hype from the Slerf mishap has attracted buyers looking to profit from the hype. Moreover, burning all those tokens has reduced SLERF’s supply, theoretically a bullish cue for a digital asset.
What Is Meme Token Slerf?
Not much information is available on the project. Slerf is one of the numerous memecoin projects that launched recently on the Solana blockchain. The resulting investor interest helped Solana’s SOL token rise to $200, its highest level since Dec 2022
The project’s native meme token, SLERF, has a total supply of 500 million tokens, though CoinMarketCap warns that the data is unverified.