What is SLERF? Solana Meme coins fly as developer loses $10 million in pre-sale funds

The launch of SLERF comes on the back of an ongoing narrative that has seen developers raise millions of dollars, typically with SOL tokens, by promising meme coin airdrops. Some on-chain observers estimate that more than $100 million worth of tokens were transferred to the pre-sale over the weekend. This frenzy has contributed to the price of SOL exceeding $200 for the first time since November 2021.