solana Meme Coin Slerf Offers NFT to Investors in Presale After $10 Million Crash
Following a devastating setback earlier this week, Solana-based meme coin project Slerf announced that it plans to compensate affected pre-sale investors. The incident, which resulted in losses exceeding $10 million for participants in the pre-sale of Slerf, was caused by an unfortunate accident attributed to the developer of the project.
Solana Meme Coin Slerf Will Provide NFT
To address the concerns of affected investors, the Slerf network used social media platform X to outline its remedial measures. “We plan to release Soul-bound NFTs to the wallet addresses of affected pre-sales and refund contributors,” they said.
The post added: “This will allow other projects to easily airdrop tokens or NFTs while still having a nice piece of memorabilia for their legendary role in $SLERF HISTORY.” However, the community had previously accused the Solana meme coin project of participating in a Ponzi scheme due to this mishap. However, the latest move has calmed such speculations.
The developer behind the project recently made a candid confession about X. It revealed a catastrophic bug that accidentally burned a significant portion of the token supply. This includes assets allocated for liquidity provision (LP) and distribution of airdrops within the Slerf ecosystem.
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What exactly happened?
The Solana meme coin Slerf presale yielded over 50,000 SOL worth $10.8 million and the entire amount was lost. The developer announced that the LP tokens and the entire reserve of 500 million SLERF tokens allocated for the airdrop were burned by mistake. The cancellation of mining rights exacerbated the problem, resulting in attempts to recover losses to no avail.
Despite efforts to resolve the situation, the failure to issue new tokens left pre-sale investors without a solution to recover their investments. So, whether it is through token distribution or Solana refunds. To offer transparency and address community concerns, the Slerf team started a session on X Spaces.
During the session, Solana meme coin’s team member Slorg expressed his deep sadness and admitted that he was not feeling well physically due to the conditions. “I am at a loss for words,” they lamented, citing uncertainty about the path forward.
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