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A meme coin project seeking to capitalize on the new meme coin craze centered on Solana “accidentally” burned $10 million.

Working under the logic of “Send me SOL and I’ll send you the new meme coin,” a pre-sale experienced a loss of $10 million. The Solana-based experimental meme coin project Slerf (SLERF) stated that it accidentally burned $10 million worth of SOL collected from the pre-sale.

The official social media account stated:

Guys, I have ruined everything. I burned the LP allocated for the airdrop as well as the tokens. Since the minting authority has been canceled, I cannot mint them. There is nothing I can do to fix this. I’m so sorry. Initially, I tried to burn the LP using Solana’s tools on Vercel but it failed. I went to Sol Incen and I was cleaning the crap money people were sending to the wallets and accidentally burned it with the other money stacks.

As investors seeking to benefit from the pre-sale saw their entire SOL assets irretrievably disappear, the reactions skyrocketed. The majority of investors classified this project as a scam and expressed anger.

While investors were unable to benefit from the pre-sale, the allegedly mistaken burning process caused SLERF’s total supply to drop to 500 million.

The first project of this craze, BOME, managed to attract the attention of the entire cryptocurrency sector with an increase of up to 425 times. However, subsequent similar projects failed to meet expectations and, as in the case of Slerf, ended in disaster for the vast majority.

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