The creator of the Slerf memecoin recently confessed to unintentionally destroying $10 million worth of tokens set aside for its presale. This unexpected event took place during a period of excitement surrounding meme-inspired projects in the cryptocurrency market, where investors often engage in speculative activities. The Slerf presale, like many others, quickly amassed millions in funding, leading to a perplexing situation for investors due to this unforeseen development.

Slerf Developer's Expensive Error

Slerf, a project inspired by memes, managed to raise 50,000 SOL (equivalent to over $10 million) and $10 million in stablecoins for its token presale. These funds were meant to provide liquidity for the token's launch, with contributors anticipating allocations in return. However, investors were shocked when the developer revealed that they had mistakenly burned over $10 million worth of liquidity provider (LP) tokens and tokens designated for presale contributors. This mistake occurred when the developer attempted to remove unwanted "shitcoins" from the wallet but inadvertently burned them along with other coins.

As a consequence of this mishap, the developer disabled the ability to create more tokens, resulting in presale investors losing access to their previously allocated airdrop tokens. Regrettably, the developer mentioned a lack of funds to reimburse those who participated in the presale, placing investors in a difficult position.

Slerf Token Launch Continues Despite Funding Error

Despite the significant error involving investor funds, the Slerf token launch proceeded as scheduled with its original supply before the accidental burn. CoinGecko data indicates that the project has a total supply of around 500 million tokens and reached a peak market cap of $622 million shortly after its launch. Currently trading at $0.79, the token peaked at $1.24 earlier in the day.

The community is actively discussing the nature of the burn incident, with some speculating whether it was a genuine mistake, a potential scam, or a deliberate marketing ploy to attract more investors to Slerf. Others view it as an unintended benefit for the Solana coin, as the cryptocurrency's supply is now permanently reduced due to the error.