The memecoin project on the Solana platform, Slerf, surprised investors after a mistake led to the deletion of all liquidity provision (LP) and giveaway tokens. Unable to create new tokens due to loss of authority, investors now face a difficult reality: their investment is gone.
An Expensive Mistake
Imagine you collected over $10 million and 50,000 SOL, promised big dreams, and then — poof — it all disappeared in a cloud of smoke. Investors who quickly bought into the presale, hoping for big profits, now find themselves empty-handed, with no tokens to justify their investment and no SOL refund in sight eye.
A tweet from Slerf reveals all in a painful confession. Trying to clean some unwanted tokens with a tool, the person behind the operation accidentally wiped out valuable tokens.
“I’m sorry… this is the biggest deal, and I just lost my words,” they confessed. A new pre-sale period is proposed, offering refunds to those willing to invest again. But many people are wary of risking more money.
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
Emotion
The seriousness of the situation was reflected in how the team responded in a Twitter Space chat. Emotions ran high, and the price of SLERF suddenly increased by 322%. In the community, people are confused, hoping things will get better, and a little nervous about the idea of raising the value of the token to a billion dollars.
Related: Investor Loses $147,000 Playing Memecoins on Solana
Solana Continues to Grow Strong
Despite Slerf’s crisis, the broader Solana ecosystem appears to be going strong, with a notable spike in market activity and interest in its other memecoin projects. SOL’s recent performance has been impressive, surpassing BNB to become the fourth most expensive cryptocurrency and achieving a large transaction volume surpassing Ethereum and other EVM-based Layer 2 solutions.
This resurgence is fueled by the popularity of memecoin projects like BONK, demonstrating the strong connection between these tokens and their networks. Solana remains a hub for innovation and investment, despite setbacks like Slerf’s.
