Solana Meme Coin $SLERF Explodes After Presale Blunder, Reaches $500M Market Cap in Less than 3 Hours

Bozo Collective, a Solana-based NFT community, has seen its meme coin $SLERF achieve explosive success despite a major error prior to launch. After raising $10.8 million in SOL during its presale, the project's developer announced that a mistake had resulted in the burning of the liquidity pool (LP) and 50% of the token supply intended for presale investors.

The error ignited controversy, with some alleging a marketing stunt. However, the reduced supply fueled a buying frenzy, sending $SLERF's price to $1.18 within three hours. The coin's market cap surged to an astonishing $500 million, making it one of the fastest-growing meme coins in history.

Centralized exchanges MEXC and Bitget have quickly listed $SLERF. The project's developer maintains the LP burning was an accident, tearfully addressing 10,000 listeners in a Twitter Space. Despite the controversy, $SLERF's first three hours have been record-breaking, driving Solana's DEX volume to unprecedented levels.

Mystery Trader Makes Millions

A single wallet turned a staggering $3.02 million in just 12 minutes of $SLERF trading. The trader initially invested $1.9 million to buy 69.74 million $SLERF tokens. Minutes later, they sold their holdings for a jaw-dropping $5 million.

Important Note: Cryptocurrency investments, particularly in meme coins, have a high potential for profit and loss. It's crucial to proceed with caution and thorough research before investing.