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SLERF is a sloth themed meme coin on the [[Solana]] blockchain, launched on March 18, 2024, at the peak of the Solana presale meta. It is remembered for one of the most infamous accidents in meme coin history: its developer burned the entire presale allocation and liquidity tokens minutes into the launch.

## Origin

SLERF rode the presale wave started by [[book of meme]], collecting about 10 million dollars in SOL from investors who expected an airdrop of half the supply. During launch operations the pseudonymous developer, posting as Slerf on X, burned the liquidity provider tokens and the 500 million SLERF reserved for the presale airdrop, describing the act as a "mindless misclick." Because mint authority had already been revoked, the tokens could not be reissued, and the presale allocation was unrecoverable.

## Market history

The disaster became the marketing. Scarcity plus spectacle drove the price up more than 3,700 percent on launch day, with roughly 1.7 billion dollars in trading volume in the first hours, briefly outpacing volume in major assets on some venues. Price trackers record an all time high around 1.37 dollars on March 19, 2024, which against the roughly 500 million circulating supply implied a market value approaching 700 million dollars; a day later it still traded near 0.92 dollars, a market capitalization of about 457 million dollars. One later retrospective on the refund campaign cited SLERF's market capitalization as having peaked as high as about 740 million dollars during the March 2024 launch week, above the roughly 685 to 700 million dollar range implied by the figures above; treat that as a secondary source's approximation rather than a correction. One whale wallet was reported to have realized about 3 million dollars in gains within 12 minutes. The developer pledged to make presale victims whole over time, and exchanges donated fees to the refund effort. The token faded through 2024 and 2025 and now trades far below its launch week levels.

## Refund campaign

The pseudonymous developer, who went by the handle Grumpy, ran a multi year effort to make presale victims whole. An initial milestone came in June 2024, when 100 percent of funds had been returned to more than 25,000 wallets, with the final 250 wallets receiving a partial 25 percent payout at that stage. The campaign continued, funded by trading fees, ecosystem revenue and voluntary community contributions, and Grumpy completed repayment of the entire burned presale pool, about 53,359.62 SOL worth roughly 10 million dollars, to all 25,444 affected wallets, finishing in October 2025, a 19 month campaign from the March 2024 disaster to full resolution.

## Cultural impact

SLERF is the canonical "burned LP" story in [[the trenches]], cited whenever traders debate whether attention itself, rather than fundamentals or even competence, is what a meme coin actually prices. The episode marked both the top and the end of the March 2024 presale meta: after SLERF, sending SOL to anonymous developers rapidly lost its appeal, clearing the way for [[pump.fun]] and its no presale bonding curve model to take over Solana meme issuance.

## References

- The Block: https://www.theblock.co/post/283025/solana-memecoin-slerf-burn
- CoinDesk: https://www.coindesk.com/markets/2024/03/18/solana-meme-slerf-notches-17b-in-volume-after-developer-loses-all-presale-funds
- thecryptobasic.com: https://thecryptobasic.com/2024/03/18/solana-memecoin-developer-mistakenly-burns-10000000-raised-for-slerf-presale/
- crypto.news: https://crypto.news/slerf-creator-burns-10m-raised-from-investors-due-to-mindless-misclick/
- CoinLore: https://www.coinlore.com/coin/slerf
- Crypto Briefing: https://cryptobriefing.com/slerf-completes-refunds-for-burned-presale-memecoins/
- blockonomi.com: https://blockonomi.com/the-great-slerf-refund-begins-3800-sol-refunded-to-slerf-presale-supporters/

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