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 it had successfully burned $10.8 million worth of SLERF.The project's "slerfnomics". Source: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.”
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.
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 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 ! He spent 9,894 ($1.98M) to buy 69.74M immediately after opening trading. Then sold it for 25,001 ($5M) within 12 minutes. Making 15,107 ($3.02M) in just 12 minutes!… — Lookonchain (@lookonchain)
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 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… — ponzisaur (@ponzisaur)The Slerf creator 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 is trading a $206.92. Source: SOLUSDT on