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Solana-based memecoin project, Slerf, has thrown its investors into uncertainty after a mishandled operation led to the burning of all liquidity provider (LP) and airdrop tokens. They can’t mint any new tokens since their permission has been revoked.
Imagine gathering over $10 million and 50,000 SOL, promising big dreams, and then—poof—it’s all gone in a cloud of smoke. Investors who were quick to buy into the pre-sale, hoping for a hefty return, now find themselves empty-handed, with no tokens to show for their investment and no SOL refunds in sight.
A Mistake That Cost Millions
A tweet from Slerf laid it all bare in a painful confession. Attempting to clean up some unwanted tokens using a tool, the person behind the operation accidentally wiped out the valuable ones too.
“I am so sorry…this is the biggest mess-up, and I’m just lost for words,” they expressed. A new pre-sale was proposed, promising refunds to those who dive back in. But many investors are still skeptical and afraid to risk their money on something that might not work.
I initially tried to burn the LP using solana tools vercel and it wouldnt go through. So I went to sol incen and was clearing out the shitcoins people sent to the wallet and accidently burned them with the pile of other coins.
— Slerf (@Slerfsol) March 18, 2024
The seriousness of the situation was reflected in how the team responded in a Twitter Space conversation. Emotions were running high, and the price of SLERF suddenly went up by 322%. In the community, people are confused, hopeful that things will get better, and a little excited about the idea of raising the token’s value to a billion dollars.
Surging Interest in Solana
Despite the Slerf crisis, the broader Solana ecosystem appears to be thriving, with a remarkable uptick in market activity and interest in its other memecoin projects. SOL’s recent performance has been impressive, overtaking BNB to become the fourth most valuable cryptocurrency and achieving a huge trading volume that surpasses that of Ethereum and other EVM-based Layer-2 solutions.
This surge is attributed to the allure of memecoin projects like BONK, highlighting the strong ties between these tokens and their underlying networks. With Solana leading blockchain transactions, it’s clear that the platform has become a hotspot for innovation and investment, despite the occasional setbacks like the one experienced by Slerf.