Propose an edit: SLERF

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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 Because mint authority had already been revoked, the tokens could not be reissued, and the presale allocation was unrecoverable.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 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.

## 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

- https://www.theblock.co/post/283025/solana-memecoin-slerf-burn
- https://www.coindesk.com/markets/2024/03/18/solana-meme-slerf-notches-17b-in-volume-after-developer-loses-all-presale-funds
- https://thecryptobasic.com/2024/03/18/solana-memecoin-developer-mistakenly-burns-10000000-raised-for-slerf-presale/
- https://crypto.news/slerf-creator-burns-10m-raised-from-investors-due-to-mindless-misclick/
- https://www.coinlore.com/coin/slerf

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