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The mistake proved irreversible as the minting authority had already been revoked.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