Despite a significant misstep, one of the newest tokens coming from the Solana meme coin presale tale has amassed numerous exchange listings, a $1.7 billion trading volume, and thousands of unique holders in just a few hours of going live. Slerf, a sloth-themed meme coin on the Solana network, raised $10 million in its presale on Monday.The token is one of dozens that have appeared as presales – or fundraising sales before the official release – in recent days, following the popularity of Book of Meme (BOME) earlier this month.
However, the project’s creator lost all collected funds after unintentionally transferring the tokens to a burn address, which is one that no one has authority over.
“I burned the LP and the tokens that were set aside for the airdrop,” @slerfsol wrote on X. “Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so f—ing sorry.”
“This is not a joke I really f****d up and im really sorry. Was a simple mindless misclick when I was in the process of burning the the lp,” they later added. An LP is a liquidity provider.
Some dubbed the move a marketing ploy when word of the burn went popular on X.That did not deter a frenetic market from buying and exchanging the tokens.SLERF was finally listed on Solana-based exchanges like as Jupiter and Orca, and the price skyrocketed to as high as $1.4 within a few hours from its initial value of around 3 cents.SLERF has so far generated $1.8 billion in trading activity and 500,000 individual deals from 106,000 traders, according to Birdeye data.
Lookonchain, an on-chain analysis tool, reported that traders won millions of dollars betting on the newly issued coins.According to the business, one trader earned slightly more than $3 million in little over 12 minutes from an original investment of $1.9 million.SLERF’s launch followed an ongoing narrative in which developers raised millions of dollars, typically in SOL tokens, on the promise of a meme coin airdrop. Some on-chain observers believe that over $100 million in tokens were sent to such presales over the weekend.The enthusiasm helped push the SOL price beyond $200 for the first time since November 2021.