Popular meme-coin Slerf has turned out to be one of the horrific nightmares for crypto investors, a crypto rug pull. According to a tweet, the price of the meme-coin has drastically reduced by minus 100% after a deployer swapped over a hundred trillion of the Slerf token for approximately $469,000.
#PeckShieldAlert #Slippage A fraudulent token named #SLERF has plummeted by -100%.
The deployer address 0xbE1e…4c08 has swapped 123,336,949,297,868 Scam $SLERF for ~469K $USD
*Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/jMnqQQtbTw— PeckShieldAlert (@PeckShieldAlert) March 20, 2024
The Solana-based meme-coin issued some days back became the talk of the crypto community after one of its developers made the costly mistake of burning $10 million worth of SLERF meant for an airdrop to presale buyers, stringing up strong disapprovals from the Slerf developer team.
Citing the reason behind the mistake, the developer revealed, “Once I did that I went back to Solana tools website and burned the LP not noticing I had burned the tokens just before.” The biggest probly here is I don’t have 10m to refund the presalers. I’ve been up for 3 days preparing this and fumbled at the finish line.”
Despite the tremendous loss, the developer team did not put a stop to the launch and proceeded to launch with the token left after the burn, about 500 million. Ironically, the Slerf meme-coin error boosted the token’s value to new highs, given its reduced circulating supply.
The Solana-based token, a day after it’s introduction to the market, topped other decentralized exchanges on the Ethereum blockchain in terms of trading volume. Within 24 hours of launching, Slerf recorded a trading volume of more than $2.7 billion including 800,000 trades from 130,000 individual traders, over $1.7 billion trades generated through the Solana-based exchange Raydium.
SLERF Futile Attempts at Recovery
To make up for the loss, SLERF developers claimed to compensate affected buyers who participated in the presale by donating trading fees from selling the remaining Slerf tokens to the Solana community. Taking the lead in the donation is Chinese international digital asset exchange HTX and Bitget crypto exchange.
However, despite efforts to make up for the Slerf token burn mistake, recent updates show that the token turned out to be a rug pull, which might not be a shocker after all given that it’s not a first for Solana.
In a previous report, out of the several meme-coin developed on the Solana platform, a handful of the projects turned out to be user-sponsored. Including the recent Slerf token scam, most of the launches either failed or the admins did a rug pull.
