The world of meme coins is known for its volatility and unexpected twists, and the recent saga of Slerf perfectly embodies that. Launched on the Solana blockchain on March 18, 2024, at 8:04 AM UTC, Slerf, with its sloth mascot, promised to be the next big thing. However, its debut was anything but graceful, leaving investors scratching their heads and the crypto community buzzing.
Related: What are meme coins?
A $10 Million Mishap Sparks Controversy
Slerf’s launch was marred by a major blunder that sent shockwaves through the crypto space. The developer, identified online as @slerfsol on X, reportedly made a “mindless misclick” while burning the liquidity provider (LP) tokens and accidentally burned a whopping $10 million worth of presale funds (roughly 53,000 SOL tokens) in the process.
Guys I fucked up. 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 fucking sorry.
— Slerf (@Slerfsol) March 18, 2024
This incident sparked a heated debate online. Some, like Solana community developer Gary Henderson, pointed to suspicious wallet activity just before the burn, suggesting it might have been a deliberate marketing stunt. Others, including Slerf’s developer themself, who reportedly broke down in tears on a Twitter Space, maintained it was a genuine mistake.
SLERF founder refunded his 1,050 SOL before burning your tokens
PSYOP pic.twitter.com/gFarEmTqjl
— Gary (@GaryLHenderson) March 18, 2024
Trading Frenzy Amidst the Chaos
Despite the initial chaos, Slerf’s price experienced a wild ride. The token value plummeted after the burn incident, as many investors understandably felt apprehensive. However, in a surprising turn of events, Slerf’s price defied expectations and surged in the following days, reaching a staggering all-time high of $1.5352 on March 19, at 05:03 AM.
Some speculate this rise could be attributed to support from prominent crypto figures like Beeple, who created artwork for Slerf.
THE RISE OF SLERF pic.twitter.com/zYUY0VKsoZ
— beeple (@beeple) March 19, 2024
Likewise, Tron founder Justin Sun, whose HTX exchange pledged to donate all Slerf trading revenue to compensate presale participants.
As No.1 trading markets for @Slerfsol, HTX have decided to donate all Slerf trading revenue on @HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on https://t.co/y7nJ0Tgrcj! User first！
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024
A Community Divided: From Empathy to Skepticism
The Slerf saga has divided the crypto community. Some, like the author of an article on Cointelegraph, believe the incident highlights the inherent risks associated with meme coins, especially those with anonymous developers and presale fundraising models. Others, however, see a silver lining.
Regardless of the developer’s intentions, the mishap brought significant attention to Slerf, potentially setting the stage for future growth.
Where Can You Buy Slerf?
SLERF tokens can be traded on decentralized exchanges (DEXs) and some centralized crypto exchanges (CEXs).
- The most popular exchange to buy and trade Slerf is currently Raydium, where the most active trading pair SLERF/SOL has a trading volume of $2,363,320,713 in the last 24 hours.
Slerf’s Trading Performance: A Snapshot
- Daily Trading Volume: $3,060,264,852 in the last 24 hours (as of March 19, 2024), representing a significant 512.10% increase from the previous day.
- All-Time High: $1.5352 (recorded on March 19, 2024)
- All-Time Low: $0.3693 (recorded on March 18, 2024)
- Current Price: $0.88
- Market Cap: $466,454,237 (as of March 19, 2024), currently ranked #177 on CoinGecko.
- Fully Diluted Valuation (FDV): $466,454,237. This is a statistical representation of the maximum market cap, assuming all 500 Million SLERF tokens are in circulation today. Depending on how the emission schedule of SLERF tokens is designed, it might take multiple years before FDV is realized.
Is Slerfing Your Way into Crypto a Wise Move?
The decision to invest in Slerf, or any meme coin for that matter, requires a cautious approach. Meme coins are known for their erratic price movements and dependence on hype. Slerf’s launch is a prime example of this. Before making any investment decisions, conduct thorough research, understand the inherent risks, and only invest what you can afford to lose.
Disclaimer: This article does not constitute financial advice. Please consult with a qualified financial advisor before making any investment decisions.