Slerf - Rekt

Solana Meme Coin SLERF turns into a hot mess after dev's $10M fumble.

When the market is going down, degens have to find their casino for gains and lately they’ve been piling into Solana.

SOL’s price surged 45% in seven days, reaching highs over $200 for the first time since December 2021.

The volume on Solana has taken off in 2024 and a lot of that is thanks to the FOMO surrounding the many meme coins moving faster than a speeding bullet.

Only in crypto can a project go from zero to hero and right back to zero in the blink of an eye.

In a tale that would make even the most laid-back sloth sit up and take notice, the developer behind Solana's hottest new meme coin, SLERF, managed to accidentally set fire to a cool $10M in funds.

The incident has left the crypto world wondering if the developer was taking the 'sloth' theme a bit too literally when handling those funds.

While crypto is making its way back into the news cycle, this might not be the story we need to shine a spotlight on or is it?

This circus of events is either a Darwin Award contender or a cunning marketing ploy.

Pitched as 50% LP, 50% Presale and no team tokens, the circus rolled into town. First marketed by the Bozo Collective on March 16th, the clown show didn’t take long to find an audience.

Slerf - a meme coin featuring an endearingly lazy sloth, became the talk of the town. The project raised a whopping $10M in a presale, only for its developer to pull off a move so unexpected, it would make even the most slumberous sloth snap out of its slow-mo slumber.

While attempting to burn the liquidity pool and tokens set aside for the airdrop, he accidentally burned them. The mint authority was already revoked and the dev couldn’t undo the costly error.

The attempt to burn the LP using Solana Tools Vercel failed. Trying Sol Incen as the next option, the tokens were mistakenly burned along with other coins in the wallet.

Despite a major fumble by the developer, the project's popularity only continued to soar., becoming the fastest Meme coin to break $500M within 3 hours of launch.

The FOMO was not limited to the Solana network, Centralized exchanges MEXC and Bitget quickly listed $SLERF, adding fuel to the hype fire.

One daring trader saw the chaos and turned it into opportunity, flipping $1.9M into a mind-boggling $5M in just 12 minutes of trading $SLERF. Somebody clearly didn’t drop the ball in this case, did they?

Although, they can’t all be winners. One trader lost roughly $775k in around an hour of trading. Initially buying SLERF close to the top, at $1.32, before the price tanked, then trying to make up for the loss, buying in at $.80, only for the price to drop again.

Anybody else like trying to catch falling knives?

Despite all of the madness, SLERF continued to surge, with over $2B in trade volume in 24 hours, the most on the Solana network and dwarfing the previous hot memecoin, BOME.

The show isn’t over either. SLERF already started a new presale, the dev claims they won’t mess it up this time.

Do any degens feel like gambling?

Whether the SLERF incident was a genuine mistake or an elaborate marketing ploy, one thing is clear, the crypto market’s appetite for meme coins and presale action is only growing stronger.

As we bear witness to the birth of new ways to make (and lose) millions in the blink of an eye, the SLERF saga stands as a testament to the highs and lows of the ever-evolving crypto landscape.

While we shake our heads in disbelief, we can't help but ask ourselves: have we truly learned anything from the last market cycle, or are we doomed to repeat history in our pursuit of riches?

With this little saga, we're left with a bittersweet taste in our mouths. On one hand, the crypto world is buzzing once again, with headlines galore and a fresh wave of adoption as more people dive into the wild west of meme coins and presales. It's a testament to the power of crypto and its ability to capture the public's attention, for better or worse.

However, the SLERF incident also exposes the darker side of human nature, where stupidity and irrationality often take center stage. Crypto is, after all, a reflection of humanity, a magnifying glass that exposes our propensity to chase get-rich-quick schemes, sometimes at the expense of sound judgment.

There is room for both "serious" projects and seemingly "retarded" ones, as long as there's an appetite for them. The age-old question remains: would you rather be rich or right? The market's irrationality has a way of testing our convictions, and for many projects, it's only a matter of time before the house of cards comes tumbling down.

As we navigate these murky waters, let's keep our wits about us and remember that crypto is a double-edged sword. It has the potential to both enrich our lives and leave us 'rekt' in the blink of an eye. So, let's embrace the madness, but never forget the lessons we've learned along the way.

The biggest casino on earth seems to have re opened its door. The odds are against us, and yet we ape don’t seem to learn.

What does this say about us?

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