Home Solana memecoin Slerf dev destroys $10m before debut

Solana memecoin Slerf dev destroys $10m before debut

The Solana (SOL) blockchain has emerged as a major platform for the emergence of new memecoins, signaling the onset of a bullish market trend. This trend was accompanied by a surge in SOL’s price as well, nearing $100.

A standout in this memecoin surge is Slerf (SLERF), which despite its creator accidentally destroying over $10 million in Solana before its debut, quickly soared to a market capitalization of $500 million within just a few hours and then fell again.

As of press time CoinMarketCap data shows that Slerf is trading at $0.51. The 24-hour trading volume also reached nearly $681.6 million, up 3,450% from the $19.21 million reported 24 hours ago.

Before this crash the cryptocurrency rallied from its initial CoinMarketCap price of just under $0,68 to nearly $1.06 before crashing to its current price. The market cap reported by Coingecko also very quickly rose to over $622 million down to $184 million before settling at over $205 million as of press time. All of this activity took place on Mar. 18 as intraday volatility.

Screenshot of CoinMarketCap showing Slerf coin
Screenshot of CoinMarketCap showing Slerf coin

The team behind Slerf managed to gather 535,000 SOL for the coin’s launch but inadvertently destroyed $10.4 million in Solana in an attempt to clean their wallet. This surge in memecoin activity has drawn parallels to the Ethereum (ETH) initial coin offering craze of 2017, a period marked by numerous crypto ventures raising significant funds, though most ultimately fell short of their promises.

What are memecoins?

Memecoins, characterized by their origins in internet memes or possessing humorous qualities, in most cases lack practical applications beyond serving as pop culture artifacts. These digital currencies spawned after the introduction of Dogecoin (DOGE) back in 2013 are speculative by nature and are buoyed by dedicated online communities.

Dogecoin gained fame and support from Elon Musk during the 2021 bull market. In 2024, several new memecoins have quickly reached market capitalizations in the billions, creating a wave of crypto millionaires.

The memecoin boom has rekindled memories of the 2017 ICO frenzy, with influencers successfully raising millions for new memecoin ventures. A user on X remarked that the current memecoin craze represents a more transparent iteration of the 2017 ICO and 2021 NFT bubbles, with projects no longer pretending to fulfill unrealistic promises and investors acknowledging their speculative motives.

The memecoin phenomenon, while creating overnight millionaires, often results in significant losses for many who invest without fully understanding the lack of inherent value of those assets.

While Solana’s memecoins continue to gain ground, major meme token Shiba Inu (SHIB) has seen many left wondering if it has any life left in it. In our recent market review, we share the predictions of this token’s future by three market analysts.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.