Community Rallies Behind Slerfsol (SLERF) Despite $10M Presale Blunder
Summary:
Despite its creator accidentally burning $10 million worth of Solana (SOL) during its presale, the Solana memecoin, Slerfsol (SLERF), has had a successful launch, primarily attributed to community support. Cryptocurrency exchanges BingX and Bitget, and blockchain personality Justin Sun, have pledged to donate all SLERF trading fees to the project and its community. The incident resembles the Ethereum ICO boom of 2017, and there's ongoing debate on whether the Slerf launch was a marketing ploy or simply a blunder.
The Solana-based memecoin, Slerfsol (SLERF), has had an impressive start, despite its creator accidentally incinerating $10 million worth of Solana (SOL) during the presale on March 18, thanks to the solidarity expressed by the community. As of this report, SLERF trades at $0.79, boasting a total market capitalization of $505 million, and is listed on several exchanges. This follows a mistake that led to the burning of 535,000 SOL from investors during the SLERF minting process. The originator of the coin publicly solicited contributions to compensate users after the mishap. The coin's wallet received a donation of 3,000 SOL.
The creator's appeal was answered by cryptocurrency exchange BingX, which offered to contribute all trading charges for buying and selling SLERF on its platform directly to the project. BingX also promised to distribute future BingX World Debut tokens "to addresses that took part in the Slerf private sale but were not given $SLERF tokens." Slerf responded to the gesture, expressing immense gratitude.
Gracy Chen, Managing Director of Bitget, joined BingX in offering support. Chen said the Bitget exchange "would contribute all SLERF trade charges on Bitget to the SLERF society, assisting those involved in the presale." Chen also mentioned that detailed information about the donations would be made public every week.
Not to be left out, Chinese blockchain celebrity Justin Sun stated that the HTX exchange, previously known as Huobi Global, would also donate all SLERF trading revenue to the protocol and to the private investors on HTX.
This memecoin craze mirrors the initial coin offering (ICO) boom of 2017 on the Ethereum platform when many cryptocurrency projects accumulated millions, but many couldn't follow through. On March 18, within just two hours of its presale announcement, the nonfungible token collection Milady's novel Solana memecoin drew 91,486 SOL ($18.7 million).
There has been speculation about whether Slerf’s memecoin launch was a carefully orchestrated marketing stunt or a significant blunder.
Published At
3/19/2024 6:43:36 PM
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