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Slerf Meme Coin Presale Catastrophe Sparks Market Frenzy

A developer's accidental burning of $10 million in tokens leads to a paradoxical surge in trading volume, with community efforts underway to aid affected investors.

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A captivating digital illustration of a cryptocurrency developer, wearing a hoodie and glasses, standing amidst a sea of cash and cryptocurrency tokens. In a bold and surprising move, the developer sets fire to $10 million in cash. Despite this seemingly negative action, the tokens in the background rally and soar to new heights, symbolizing the resilience and strength of the crypto market.
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Blockworks

Overview

  • The sloth-themed meme coin Slerf experienced a disastrous presale when a developer accidentally burned $10 million worth of tokens, affecting 25,000 investors.
  • Despite the mishap, Slerf's trading volume soared to $2 billion, with its value reaching over a dollar at one point, as traders capitalized on the news.
  • Solana decentralized exchange Jupiter and other platforms have pledged to donate fees to Slerf presale participants in an effort to compensate for their losses.
  • The incident has sparked a debate within the crypto community on the risks and expectations associated with investing in memecoins.
  • Slerf's accidental burning has not deterred traders, indicating a continued frenzy around Solana meme coin presales and the speculative nature of the crypto market.