SLERF evaporates nearly $200 million in ten minutes, never before have Solana's technical details been so valuable
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SLERF evaporates nearly $200 million in ten minutes, never before have Solana's technical details been so valuable
SLERF's dramatic in-and-out within minutes delivered a painful lesson to everyone.
Navigating Web3 tides with focused insightsAuthor: Lüdong Xiao Gong
Who says you don't need to understand technical details when trading memecoins? SLERF’s wild price swings in just minutes delivered a dramatic lesson.
Slerf project founder @Slerfsol posted on X, stating that due to a mistake, he had accidentally burned the liquidity pool (LP) tokens and reserved airdrop tokens, and that minting rights had already been revoked—leaving him powerless. During a Twitter Space session, he tearfully admitted his error, expressing deep regret and saying he might not be able to repay investors.
SLERF founder admits on Twitter he messed up
Initially, many assumed the SLERF meme project—which raised over 50,000 SOL—would collapse overnight. But unexpectedly, this blunder helped SLERF surpass BOME’s records. On-chain data shows SLERF achieved over $1.1 billion in trading volume within less than four hours of launch, instantly ascending as the new king of memes.
One might think the coin's rapid surge was already dramatic enough—but the real drama came later.
Can Funds Sent to the Contract Be Recovered?
Just minutes after SLERF surpassed $1, tobbykitty.eth—the co-founder of Starknet—waking up on the U.S. East Coast, reached out to SLERF founder @Slerfsol on X: "I'm not fully updated, but Raydium contracts can be upgraded via multi-sig. If you directly sent LP tokens there, Raydium could potentially return them."
This statement immediately triggered panic across the community, causing the price to drop 50% from its peak.
However, minutes later, X user ghazzog replied to tobbykitty.eth: "SLERF’s burn went through Sol Incinerator’s burning mechanism, not the Raydium contract."
To which tobbykitty.eth responded: "Then there's nothing that can be done."
This confirmed that the burned funds were indeed unrecoverable.
During these few minutes of market confusion, whales stepped in. According to Lookonchain, a whale holding 158,786 SOL (~$32 million) spent 3,024 SOL (~$606,000) to buy 1.7 million SLERF at an average price of $0.35. This wallet had never purchased any token before—SLERF was its first-ever investment.
Shortly afterward, another large buyer acquired 5.14 million SLERF, becoming the second-largest individual holder. He has spent a total of 24,037 SOL (~$4.8 million) on SLERF, with an average cost of $0.93 per token.
After clarification, SLERF briefly dropped below $0.6 before rebounding sharply—rising over 66% from its low. At the time of writing, SLERF is trading at $0.6694.
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