At the same time, the project faced difficulties after all coins at the presale address were destroyed

Solana-based SLERF meme token has overtaken all DEXs on the Ethereum network in terms of daily trading volume

19.03.2024 - 12:55

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4 min

What’s new? SLERF meme token based on the Solana blockchain has reached a capitalization of $612 million less than a day after its launch and the start of trading on centralized and decentralized exchanges (CEX/DEX), moving up to the eighth place in the meme token ranking. In addition, the asset’s trading volume surpassed the aggregate figure of all DEXs on the Ethereum blockchain ($2,7 vs. $2,3 billion).

CoinGecko’s data

What else is known? SLERF was launched using the presale method, during which the project raised $10 million from investors. Later, the creator of SLERF under the nickname Slerfsol claimed that he mistakenly burned all tokens intended for the liquidity pool and airdrop, sending them to a wallet without a private key and owner.

Source: Twitter.com

He clarified that he wanted to delete only the shitcoins that people were sending to the presale wallet, but instead, he destroyed all the coins. Slerfsol also added that it will not be able to issue new coins as it has already revoked its authorization for additional issuance.

The creator later stated that it would make every possible effort to recover the funds.

In response, exchanges LBank, BingX, HTX, and Bitget announced that they would donate all fees generated from SLERF transactions to support the project’s community. Specifically, LBank is the custodian of the new SLERF donation wallet. BingX, in addition to donating proceeds from SLERF trading fees, has offered a reward to presale participants. HTX and Bitget will also channel all fees to the project’s new wallet on LBank. Later, DEX Jupiter on Solana joined the initiative.

Amid the news about the destruction of the collected funds, the SLERF rate fell by 38%, and the asset itself moved to the 10th place of the meme coin rating.

Meme tokens on Solana raised $100 million in three days during the presale

Meme tokens on Solana raised $100 million in three days during the presale

SOL has risen to the fourth place in the ranking of cryptocurrencies by market capitalization

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Some participants of the crypto community in connection with these events called the project fraudulent. Also, fake SLERF accounts began to spread on social networks, which call for sending funds to wallets under their control, which are supposedly the new addresses of the presale.

The presale involves investors sending cryptocurrency to the creator’s address and receiving a weighted distribution of tokens after the project is launched. In this case, there is no guarantee that the investor will receive new tokens in exchange for the sent cryptocurrency, making presale an extremely popular model for scammers.

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