{"id":598522,"date":"2024-03-18T18:00:45","date_gmt":"2024-03-18T18:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=598522"},"modified":"2024-03-18T14:35:47","modified_gmt":"2024-03-18T14:35:47","slug":"solana-memecoin-presale-gone-wrong-creator-accidentally-burns-10m-whale-makes-huge-profit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-memecoin-presale-gone-wrong-creator-accidentally-burns-10m-whale-makes-huge-profit\/","title":{"rendered":"Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit"},"content":{"rendered":"

A new Solana-based<\/a> 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.<\/p>\n

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.<\/p>\n

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Related Reading: Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO<\/a><\/div>\n<\/div>\n

Solana Memecoin Launch Sees Millions Gone<\/h2>\n

Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token\u2019s launch approached. Everything appeared normal as the project\u2019s X account announced<\/a> it had successfully burned $10.8 million worth of SLERF.<\/p>\n

For context, the project\u2019s website states that the \u201cslerfnomics\u201d 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\u2019s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked.<\/p>\n

\"slerf,<\/p>\n

The project's \"slerfnomics\". Source: Slerft.wtf<\/a><\/pre>\n
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\u2019t done before the burn because \u201cit was the safest way.\u201d<\/p>\n
The community quickly realized<\/a> that something had gone wrong, as it seemed the project\u2019s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing.<\/p>\n
\u201cGuys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,\u201d the post<\/a> read. He further explained that the mistake was a \u201csimple mindless misclick\u201d while burning the LP.<\/p>\n
It was further explained that after the first attempt to burn<\/a> the tokens failed, the creator checked the Sol incinerator and couldn\u2019t see the LP tokens. As a result, he decided to clean the wallet of the \u201cshitcoins\u201d sent there. This action accidentally burned the presale token\u2019s supply alongside the other tokens.<\/p>\n
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.<\/p>\n
From Sloths To Whales: Millions Made In 12 Minutes<\/h2>\n
Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain.<\/p>\n
The blockchain research platform revealed<\/a> 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.<\/p>\n
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Unbelievable!\ud83d\ude31<\/p>\n
This guy made ~$3.02M in just 12 minutes by trading $SLERF<\/a>!<\/p>\n
He spent 9,894 $SOL<\/a>($1.98M) to buy 69.74M $SLERF<\/a> immediately after opening trading.<\/p>\n
Then sold it for 25,001 $SOL<\/a>($5M) within 12 minutes.<\/p>\n
Making 15,107 $SOL<\/a>($3.02M) in just 12 minutes!\u2026 pic.twitter.com\/KyKkefVdKj<\/a><\/p>\n
— Lookonchain (@lookonchain) March 18, 2024<\/a><\/p><\/blockquote>\n