Slerf Apologizes to Users After Accidentally Burning $10 Million

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.