Solana Memecoin SLERF Accidentally Burns $10 Million

The SLERF team burned presale tokens that were to be airdropped to early backers.

By: Pedro Solimano Loading...

Solana Memecoin SLERF Accidentally Burns $10 Million

The team behind Solana-based memecoin SLERF has accidentally burned $10 million worth of tokens, causing an uproar among early investors.

“Guys I f*#ked up,” wrote the project’s X account early this morning. “I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so f*#king sorry,” they said.

Despite a 60% drop on the news, the SLERF token is up nearly 2,000% in the past 24 hours and commands a market capitalization of $250 million. The token has seen a whopping $2 billion in volume traded, according to Dexscreener.

SLERF Price chart

SLERF shines a spotlight on the memecoin frenzy that is reaching unprecedented levels. Investors weren’t happy, as expected, but some are still calling for the situation as the fuel to propel the token to higher prices.

The mistake also sparked jokes that Solana is now deflationary, following the 53,000 SOL removed from the supply. Crypto tax platform TokenTax noted that raising $10 million and then losing it is a taxable event.

Slerf’s team has been busy on X, with the latest Space titled “I f*#ked up,” replying to questions and offering apologies to the investors who lost their funds.

The developer responsible for the mishap said they aren’t in charge of the project anymore, but that they are working on a fix to refund at least some of the money.

Solana, the Layer 1 blockchain that has become the favored venue for trading memecoins, is enjoying a stellar run. It briefly cleared $200 on March 18 after doubling in the past three weeks.

SOL Price chart
SOL Price

After topping its previous all-time high in terms of market cap, Solana has crossed BNB to take 4th place on Coingecko.