when

Coin

<p>The developer behind the new Solana-based memecoin, Slerf ($SLERF), inadvertently burned a substantial portion of the token supply, amounting to a $10 million loss for presale participants.</p>
<p>The catastrophic mishap unfolded when the developer, in a candid admission on the project’s official X account, <a href="https://x.com/Slerfsol/status/1769628588809031864?s=20" target="_blank" rel="noopener noreferrer nofollow">confessed</a>, “Guys, I f—ed up. I burned the liquidity pool and the tokens meant for the airdrop.” Consequently, with the mint authority revoked, the lost tokens could not be reminted, leaving the team powerless to rectify the situation.</p>
<h2 class="wp-block-heading" id="strong-a-trader-s-serendipitous-windfall-strong"><strong>A Trader’s Serendipitous Windfall</strong></h2>
<p>Amidst the chaos, however, an opportunistic trader managed to capitalize on the situation, netting a staggering $3.02 million profit in a mere 12 minutes. According to <a href="https://x.com/lookonchain/status/1769647961192239295?s=20" target="_blank" rel="noopener noreferrer nofollow">data</a> from on-chain analytics firm Lookonchain, the trader invested 9,894 SOL (approximately $1.98 million) to purchase 69.74 million SLERF tokens immediately after trading opened.&nbsp;</p>
<p>Significantly, within just 12 minutes, they offloaded the tokens for 25,001 SOL (around $5 million), pocketing a cool 15,107 SOL ($3.02 million) in profit.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="724" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-1024x724.png" alt="" class="wp-image-454753" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-1024x724.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-300x212.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-768x543.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-1536x1086.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-2048x1449.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-495x350.png 495w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780-788x557.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-780.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="strong-market-reaction-and-price-volatility-strong"><strong>Market Reaction and Price Volatility</strong></h2>
<p>Despite the turbulence surrounding the project, SLERF’s price exhibited resilience. At the time of writing, CoinMarketCap data indicated a current price of <a href="https://coinmarketcap.com/currencies/slerf/" target="_blank" rel="noopener noreferrer nofollow">$0.984604</a>, with a 24-hour trading volume of $224,283,119. Significantly, the token’s price surged by 49.41% over the previous day, potentially driven by speculative trading activity.</p>
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<p>While the Slerf team grapples with the aftermath of their costly blunder, the incident underscores the inherent risks and volatility associated with the burgeoning <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="memecoin" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">memecoin</a> landscape. As the dust settles, the crypto community eagerly awaits the project’s next moves and the potential repercussions of this unprecedented event.</p>
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<p>The post <a href="https://captainaltcoin.com/the-solana-meme-coin-slerf-saga-developer-blunders-as-trader-profits-massively-within-minutes/" rel="noopener noreferrer nofollow">The Solana Meme Coin Slerf Saga: Developer Blunders as Trader Profits Massively Within Minutes</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

The Solana Meme Coin Slerf Saga: Developer Blunders as Trader Profits Massively Within Minutes

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