Solana Memecoin Slerf Accidentally Burns $10M of Presale Funds

A new Solana-based memecoin, Slerf, has lost $10 million after the project’s developer accidentally burned a major portion of the token supply. The developer, who goes by the handle @Slerfsol on X, said in a Space on X that they “burned the LP and the tokens that were set aside for the airdrop.”

The developer called the Slerf project a “side quest,” prompting one Spaces participant to chime in: “Losing $10 million on a side quest is crazy.” Despite the setback, the price of SLERF has pumped over 2900% over the past 24 hours, as traders piled in on the hype.

The SLERF trading pair on Raydium has generated over $2.5 billion in daily trading volume, making it the highest volume pair on Solana. Despite only launching yesterday, it has already secured listings on centralized exchanges like HTX, Gate.io, Bitget, BingX and MEXC. Bybit has also listed perpetual futures contracts for SLERF.

Over the weekend, several random Solana memecoin projects emerged and received significant funding, often amounting to millions of dollars.