SLERF evaporated nearly 200 million dollars in ten minutes, and the technical details of Solana have never been so valuable

Written by: Rhythm Little Worker

Source: BlockBeats

Who says trading cryptocurrencies doesn't require attention to technical details? SLERF's few minutes of price fluctuations provided everyone with a dramatic lesson.

The founder of the Slerf project, @Slerfsol, posted on the X platform that he accidentally destroyed the LP and the reserved tokens for airdrops, and the minting rights have also been revoked, leaving him powerless. In a Twitter Space, he tearfully expressed that he messed up and feels very sorry, and he might be unable to repay this money.

SLERF founder admits to messing up on Twitter

It was initially thought that the Meme project SLERF, which raised over 50,000 SOL, would come to an end, but unexpectedly, this move instead allowed SLERF to break BOME's record. On-chain data shows that since its launch, SLERF's total trading volume has surpassed 1.1 billion dollars in less than 4 hours, making it the new meme king.

It was believed that the rapid surge in the coin's price was already eye-catching enough, but even more drama was yet to come.

Can the money sent into the contract be refunded?

Just a few minutes after SLERF broke the 1 dollar mark, Starknet co-founder tobbykitty.eth, who had just woken up in Eastern Time, called out to Meme project SLERF's founder @Slerfsol, saying: "I don't quite understand the latest situation, but the Raydium contract can be upgraded through multi-signature. If you sent the LP tokens directly there, Raydium can return them."

This statement triggered panic in the community, causing an immediate drop of 50% from the peak.

However, just a few minutes later, in response to tobbykitty.eth's comments, X user ghazzog replied: "The destruction of SLERF follows the burning procedure of Sol Incenator, not the Raydium contract."

To this, tobbykitty.eth replied, "Then there's no way."

This means that the destroyed funds cannot be recovered.

During this brief period of market consensus divergence, a whale entered the scene. According to Lookonchain monitoring, a whale holding 158,786 SOL (32 million dollars) spent 3,024 SOL (606,000 dollars) to purchase 1.7 million SLERF at an average price of 0.35 dollars. This whale's wallet had never purchased any tokens before; SLERF is the first token he bought.

Following that, another large holder continued to buy, accumulating 5.14 million SLERF and becoming the second-largest individual holder of SLERF. He has spent a total of 24,037 SOL (4.8 million dollars) to buy 5.14 million SLERF, with an average cost of 0.93 dollars.

After the clarification, SLERF briefly dipped below 0.6 dollars before rebounding, recovering over 66% from its low. As of the time of writing, SLERF is currently priced at 0.6694 dollars.