Updated: March 18, 2024, 5:31 AM EDT
Slerf, a new Solana-based memecoin, is facing serious problems after the project’s developers accidentally burned a large portion of the token’s supply. This effectively resulted in pre-sale participants losing all of their money, or $10 million.
Official X account for the “Guys I f—ed up” project wrote. “The LP and tokens set aside for the airdrop have been burned. The mint permission has already been revoked, so you cannot mint. There is no way to fix it. I am truly sorry.”
The Slerf team later went to X Spaces to explain the situation in more detail. Team member Slorg said he was “sick to my stomach” at Space on X. “I literally feel like I’m going to throw up.”
“I am speechless,” he added. “I don’t know what to do.”
When Slorg called the Slerf project a “side quest,” a Spaces participant said, “Losing $10 million on a side quest is crazy.”
SLERF’s price has surged around 242% in the past hour behind the news, with various players in X Space claiming that the best course of action moving forward is to “send it to $1 billion.”
This incident follows a surge in pre-sales of Solana-based memecoins over the weekend. During this period, various random projects emerged and received significant funding, often in the millions of dollars.
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