{"id":214531,"date":"2024-03-18T18:02:48","date_gmt":"2024-03-18T18:02:48","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/18\/solana-memecoin-slerf-dev-destroys-10m-before-debut\/"},"modified":"2025-06-25T17:20:26","modified_gmt":"2025-06-25T17:20:26","slug":"solana-memecoin-slerf-dev-destroys-10m-before-debut","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/18\/solana-memecoin-slerf-dev-destroys-10m-before-debut\/","title":{"rendered":"Solana memecoin Slerf dev destroys $10m before debut"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>The Solana (SOL) blockchain has emerged as a major platform for the emergence of new memecoins, signaling the onset of a bullish market trend. This trend was accompanied by <a href=\"https:\/\/readwrite.com\/solana-price-nears-100-amid-meme-coin-surge\/\">a surge in SOL\u2019s price as well<\/a>, nearing $100.<\/p>\n<p>A standout in this memecoin surge is Slerf (SLERF), which despite its creator accidentally destroying over $10 million in Solana before its debut, quickly soared to a market capitalization of $500 million within just a few hours and then fell again.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.<\/p>\n<p>Mint authority is already revoked so I can not mint them.<\/p>\n<p>There is nothing I can do to fix this.<\/p>\n<p>I am so fucking sorry.<\/p>\n<p>\u2014 Slerf (@Slerfsol) <a href=\"https:\/\/twitter.com\/Slerfsol\/status\/1769628588809031864?ref_src=twsrc%5Etfw\">March 18, 2024<\/a><\/p>\n<\/blockquote>\n<p>As of press time CoinMarketCap <a href=\"https:\/\/coinmarketcap.com\/currencies\/slerf\/\">data<\/a> shows that Slerf is trading at $0.51. The 24-hour trading volume also reached nearly $681.6 million, up 3,450% from the $19.21 million reported 24 hours ago.<\/p>\n<p>Before this crash the cryptocurrency rallied from its initial CoinMarketCap price of just under $0,68 to nearly $1.06 before crashing to its current price. The market cap reported by Coingecko also very quickly rose to over $622 million down to $184 million before settling at over $205 million as of press time. All of this activity took place on Mar. 18 as intraday volatility.<\/p>\n<figure id=\"attachment_261827\" aria-describedby=\"caption-attachment-261827\" style=\"width: 1485px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-261827 size-full\" alt=\"Screenshot of CoinMarketCap showing Slerf coin\" width=\"1485\" height=\"639\" srcset=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28.png 1485w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-300x129.png 300w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-900x387.png 900w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-260x112.png 260w\" data-lazy-sizes=\"(max-width: 1485px) 100vw, 1485px\" src=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28.png\"\/><noscript><img decoding=\"async\" class=\"wp-image-261827 size-full\" src=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28.png\" alt=\"Screenshot of CoinMarketCap showing Slerf coin\" width=\"1485\" height=\"639\" srcset=\"https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28.png 1485w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-300x129.png 300w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-900x387.png 900w, https:\/\/readwrite.com\/wp-content\/uploads\/2024\/03\/image-28-260x112.png 260w\" sizes=\"(max-width: 1485px) 100vw, 1485px\"\/><\/noscript><figcaption id=\"caption-attachment-261827\" class=\"wp-caption-text\">Screenshot of CoinMarketCap showing Slerf coin<\/figcaption><\/figure>\n<p>The team behind Slerf managed to gather 535,000 SOL for the coin\u2019s launch but inadvertently destroyed $10.4 million in Solana in an attempt to clean their wallet. This surge in memecoin activity has <a href=\"https:\/\/cointelegraph.com\/news\/solana-memecoin-presales-hit-peak-degeneracy-over-one-hundred-million\">drawn<\/a> parallels to the Ethereum (ETH) initial coin offering craze of 2017, a period marked by numerous crypto ventures raising significant funds, though most ultimately fell short of their promises.<\/p>\n<h2>What are memecoins?<\/h2>\n<p>Memecoins, characterized by their origins in internet memes or possessing humorous qualities, in most cases lack practical applications beyond serving as pop culture artifacts. These digital currencies spawned after the introduction of Dogecoin (DOGE) back in 2013 are speculative by nature and are buoyed by dedicated online communities.<\/p>\n<p>Dogecoin gained fame and support from Elon Musk during the 2021 bull market. In 2024, several new memecoins have quickly reached market capitalizations in the billions, creating a wave of crypto millionaires.<\/p>\n<p>The memecoin boom has rekindled memories of the 2017 ICO frenzy, with influencers successfully raising millions for new memecoin ventures. A user on X remarked that the current memecoin craze represents a more transparent iteration of the 2017 ICO and 2021 NFT bubbles, with projects no longer pretending to fulfill unrealistic promises and investors acknowledging their speculative motives.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This meme coin mania is merely a more honest version of the 2017 ICO craze and the 2021 NFT\/crypto-art bubble\u2026<\/p>\n<p>Projects no longer have to pretend to deliver on a fake white-paper and investors no longer have to pretend to be in it for the art \ud83e\udd37\u200d\u2642\ufe0f<\/p>\n<p>Too cynical?<\/p>\n<p>\u2014 \ud83d\udc30WhiteRabbit1111 \ud83c\udde6\ud83c\uddfa (@WRabbit1111) <a href=\"https:\/\/twitter.com\/WRabbit1111\/status\/1768793562056171626?ref_src=twsrc%5Etfw\">March 16, 2024<\/a><\/p>\n<\/blockquote>\n<p>The memecoin phenomenon, while creating overnight millionaires, often results in significant losses for many who invest without fully understanding the lack of inherent value of those assets.<\/p>\n<p>While Solana\u2019s memecoins continue to gain ground, major meme token Shiba Inu (SHIB) has seen many left wondering if it has any life left in it. In our recent market <a href=\"https:\/\/readwrite.com\/is-shiba-inu-dead-meme-coin-analysts-predict-shib-next-move\/\">review<\/a>, we share the predictions of this token\u2019s future by three market analysts.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/readwrite.com\/solana-memecoin-slerf-dev-destroys-10m-before-debut\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The Solana (SOL) blockchain has emerged as a major platform for the emergence of new memecoins, signaling the onset of a bullish market trend.<\/p>\n","protected":false},"author":1,"featured_media":214532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[152],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/214531"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=214531"}],"version-history":[{"count":2,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/214531\/revisions"}],"predecessor-version":[{"id":336517,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/214531\/revisions\/336517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/214532"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=214531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=214531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=214531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}