Solana Memecoin Presale Gone Wrong: Creator Burns $10M


Solana Memecoin Presale Gone Wrong: Creator Burns M


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.

Solana Memecoin Launch Sees Millions Gone

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.

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The mistake proved irreversible as the minting authority had already been revoked.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.

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.”

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.

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

Disclaimer: The article is provided 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.





Source link