Crypto

Solana Exchanges & Beeple Rally to Support SLERF Meme Coin Investors After $10M Burn

2 months ago
Bitcoin Ethereum News

In a show of support for the Solana meme coin community, decentralized exchange Jupiter has announced it will donate current and ongoing SLERF limit order and DCA fees to presale participants who lost funds due to a developer error.

TLDR

  • Solana decentralized exchange Jupiter announced it will donate current and ongoing SLERF limit order and DCA fees to SLERF presale participants who lost funds due to a developer error.
  • The SLERF meme coin project accidentally burned $10 million worth of funds raised through presales, including the liquidity provider, when it was meant to launch on Solana.
  • LBank, another Solana exchange, made the first donation to help presale buyers and is now the custodian of other donations.
  • The incident has drawn attention to the recent surge in Solana meme coin presales, with over $125 million worth of SOL raised by unlisted tokens in the past week.
  • Acclaimed NFT artist Beeple created an homage to the sloth-themed meme in response to the situation.

The incident occurred early Monday morning when the SLERF meme coin was set to launch on the Solana blockchain. However, the developer behind the project accidentally burned the liquidity provider and $10 million worth of funds raised through presales, leaving investors empty-handed.

Jupiter’s co-founder, known pseudonymously as Meow, made the announcement after joining an X space with the SLERF community, demonstrating the exchange’s commitment to helping those affected by the mishap.

The SLERF situation has drawn attention to the recent surge in Solana meme coin presales, with more than 20 unlisted tokens raising approximately $125 million worth of SOL in the past week alone, according to pseudonymous blockchain sleuth zachXBT.

This frenzy is driven in part by the success of Dogwifhat, a Shiba Inu-themed meme coin that launched in December and has seen its value skyrocket from less than a penny to $2.27 at the time of writing.

LBank, another Solana exchange, has also stepped up to help SLERF presale buyers. The exchange made the first donation and is now acting as the custodian for other donations. LBank has reassured presale participants that they won’t need to register an account, and to “keep an eye on your wallets and await the SOL arrival.”

https://twitter.com/Slerfsol/status/1769916171392839938

The situation has even caught the attention of acclaimed NFT artist Beeple, who shared an homage to the sloth-themed meme early this morning. Beeple, known for his record-breaking $69 million NFT sale in 2021, created a piece titled “The RISE OF SLERF” in response to the incident.

The artwork, which features a sloth character in Beeple’s signature style, has been widely shared across social media platforms, further drawing attention to the SLERF situation and the broader Solana meme coin community.

Beeple’s involvement highlights the growing intersection between the worlds of traditional art, NFTs, and meme-inspired cryptocurrencies. His tribute to SLERF not only showcases the project’s resilience in the face of adversity but also underscores the increasing mainstream appeal of meme coins and their associated communities.

Source: https://blockonomi.com/solana-exchanges-beeple-rally-to-support-slerf-meme-coin-investors-after-10m-burn/