Slerf memecoin creator teases new DAO for token holders

Slerf, a sloth-themed memecoin on Solana, appears set to establish its own decentralized organization to guide its development path.

Memecoin creator Slerf, who “accidentally” burned nearly $11 million worth of tokens, has unveiled plans to establish a community board and a decentralized autonomous organization (DAO) for the SLERF token and NFT holders on the Solana blockchain.

In an X post on Jun. 16, the memecoin developer said the initiative aims to empower the community by granting “more control and decision-making power” over the project.

While specific details weren’t disclosed, the anonymous developer noted that the community board will feature influential figures from both English and Chinese communities in a move expected to foster broader community engagement and governance within the Slerf ecosystem.

Despite the announcement, SLERF is trading down 8% at $0.28, according to CoinMarketCap data.

Slerf quickly gained popularity in the crypto community after its anonymous founder mistakenly burned nearly $11 million worth of liquidity raised in a so-called presale.

The unexpected turn of events didn’t stop speculators from purchasing the token, pumping it by over 4,000% in a matter of few hours after its trading debut. In response to the incident, several crypto exchanges, including HTX, Bitget, and BingX, pledged to contribute trading fees to support the Slerf community.