Memecoin Project Fumbles $10.8M Worth of Investor Presale Funds

Another day, another presale headline.

The relentless pursuit of memecoin riches took a dark turn as Slerf, a Solana-based memecoin project, inadvertently sent $10.8 million worth of presale tokens to a burn address.

In what appears to be a massive blunder, the project's owner initially announced the move as a success with the deliberate burning of $10.8 million USD in tokens.

However, just moments later, the gravity of the mistake was realized as the tokens were irreversibly sent to a burn address.

In response to this, the team took to X and sought others for help on how to recover the situation.

Discussions came about regarding the nature of the incident, with some suggesting it could have been an intentional marketing stunt. However, a closer look of the on-chain transaction appears to confirm that the burn was indeed executed.

The debacle brought up questions on whether this could be the largest unintentional loss in memecoin history. Regardless, many in the community view it as a cautionary tale, emphasizing the need for greater diligence when participating in presales.

As one notable community member noted:

Stop sending people coins on this app just because they post a CA.

Bender

The incident underscores the increasingly frenzied nature of memecoin presales, with some suggesting that it may signal “the top”, or a turning point in the ongoing memecoin mania.