Market Cap Hits $600 Million in 3 Hours: The Dramatic Story of SLERF
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Market Cap Hits $600 Million in 3 Hours: The Dramatic Story of SLERF
Today, the crypto world witnessed "the greatest trade."
Navigating Web3 tides with focused insightsBy Fu He Ru, Odaily Planet Daily
Today, the crypto world witnessed a "greatest trade ever."
Slerf project founder @Slerfsol posted on X, stating that due to a mistaken operation, he had burned the LP and airdrop reserve tokens, and the minting authority had already been revoked—leaving him powerless. Initially, it seemed the meme project SLERF, which had raised over 50,000 SOL, would collapse. Yet unexpectedly, this blunder caused SLERF to surpass BOME’s previous record of reaching a $100 million market cap in nine hours—SLERF hit a $100 million valuation in just 30 minutes, ascending as the new king of memes.
At the time of writing, SLERF's market cap has exceeded $600 million, with the token price peaking at $1.30 and currently hovering around $1.22. (Note: On-chain prices are highly volatile, with price discrepancies across different "proxy" tools and trading aggregators.)
Birdeye data
As one of the earliest Chinese Web3 media outlets covering SLERF developments, Odaily Planet Daily presents a full recap of the Slerf project’s journey from birth to apparent death, then rising again from the ashes.
On the morning of March 17, Slerf tweeted an announcement for fundraising. Notably, the project’s Twitter account was only created in March this year. Nearly 13 hours after the fundraising tweet was posted, the maximum funding target had already been reached, raising over 50,000 SOL.
Slerf stated that 50% of the funds raised would be allocated to presale, and 50% injected into the liquidity pool—a structure similar to previous meme fundraising projects. The community eagerly awaited the official launch of trading and airdrops, but then came devastating news.
On March 18, SLERF founder @Slerfsol announced on X: "Due to a mistake, I've burned the LP and airdrop reserve tokens, and the minting rights have been revoked. I can't do anything." This sent shockwaves through investors, who flooded the replies with reactions.
The SLERF founder @Slerfsol expressed his apologies again: "This is not a joke. I truly messed up. I'm so sorry... Right now, the biggest problem is I don't have $10 million to refund presale participants. I spent three days preparing, only to fail at the finish line. To everyone who joined the presale, I'm deeply sorry. I also let my team down—they helped me these past three days. I don't see any way to fix this, and I don’t even think it's possible." He then opened a Twitter Space, tearfully apologizing to the community.
It seemed the Slerf project was doomed to fail, becoming another classic "failed rug" in this meme cycle.
But then something miraculous happened. Although users didn't receive their promised 50% tokens, they were moved by founder @Slerfsol's "anti-whale" act and sparked a buying frenzy—the token surged during the Space as the founder wept.
Currently, Slerf’s popularity has attracted numerous exchanges. XT.COM has already listed the SLERF token, with prices surging over 22x; Bitget will list SLERF tonight at 6 PM. SLERF’s price continues to climb, with 24-hour trading volume exceeding $714 million.
Meanwhile, the “first-mover” address EeQD...JTo3z has already realized unrealized profits of $3.65 million. According to on-chain analyst @ai_9684xtpa, the top SLERF holder EeQD...JTo3z spent 2,864 SOL to continuously purchase 5,746,360 SLERF tokens worth $578,000 immediately after the trading pair went live.
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