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Solana Memecoin Presale Gone Wrong: Creator Burns $10M
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

Rubmar Garcia
Rubmar Garcia
1 year ago
4 mins read
Slerf, sol, Solana , memecoin

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A new Solana-based memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects.

Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised $10 million during its presale and saw most of the token supply burned by accident.

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Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account announced it had successfully burned $10.8 million worth of SLERF.

For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked.

slerf, memecoin, sol

The project's "slerfnomics". Source: Slerft.wtf

However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.”

The community quickly realized that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing.

“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the post read. He further explained that the mistake was a “simple mindless misclick” while burning the LP.

It was further explained that after the first attempt to burn the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens.

The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants.

From Sloths To Whales: Millions Made In 12 Minutes

Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain.

The blockchain research platform revealed that a whale wallet with over $32 million worth of SOL spent $606,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for $1.5 million in unrealized profits a couple of hours ago.

Unbelievable!😱

This guy made ~$3.02M in just 12 minutes by trading $SLERF!

He spent 9,894 $SOL($1.98M) to buy 69.74M $SLERF immediately after opening trading.

Then sold it for 25,001 $SOL($5M) within 12 minutes.

Making 15,107 $SOL($3.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj

— Lookonchain (@lookonchain) March 18, 2024

A different whale wallet spent 9,894 SOL (worth $1.98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around $5 million) and made over $3 million in profit.

However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest.  Many users believe these movements to be from “insiders” and not “lucky people.”

– you aped 100 sol to $slerf presale

– its midnight and you have to step into the wage-cage monday morning so you go to bed

– you wake up & casually check on how the launch went

– you see its at 1 billion, and think to yourself.. holy shit i must be up 7 figs

– you figure out… pic.twitter.com/QhqrrSu4sG

— ponzisaur (@ponzisaur) March 18, 2024

The Slerf creator guaranteed it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish.

Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them.

The SLERF pumped to $1.24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at $0.59 at writing time.

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Sol, SOLUSDT, solana, Slerf, memecoin

SOL is trading a $206.92. Source: SOLUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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