In 3 hours, the market value exceeded 600 million USD, a quick look at the dramatic story of SLERF

Original author: Fu Ruohe, Odaily Planet Daily

Today, the crypto world witnessed the "greatest operation."

Slerf project founder @Slerfsol posted on the X platform that he accidentally destroyed the LP and the reserved tokens for the airdrop due to an operational error, and the minting rights have been revoked, leaving him powerless. Initially thought to be the end for the Meme project SLERF, which raised over 50,000 SOL, this incident unexpectedly allowed SLERF to break the previous record set by BOME, which took 9 hours to reach a market cap of 100 million, achieving the same in just 30 minutes, making SLERF the new meme king.

As of the time of writing, SLERF's market cap exceeded 600 million dollars, with the token price peaking at 1.3 dollars, currently hovering around 1.22 dollars. (On-chain price fluctuations are significant, with price differences among various "purchasing" tools and trading aggregators.)

Here, Odaily Planet Daily, as one of the earliest to follow SLERF's dynamic news in the Chinese Web3 world, reviews the entire process of the Slerf project from life to "death" and then back to life.

On the morning of March 17, Slerf posted a fundraising tweet on Twitter. It is worth noting that the project's Twitter account was just created in March of this year. Nearly 13 hours after the fundraising tweet was posted, the fundraising amount reached its maximum, raising over 50,000 SOL.

Slerf stated that 50% of the raised funds would be used for the presale, and 50% would be injected into the LP pool, which is similar to previous fundraising MEME projects. Meanwhile, everyone was waiting for the official arrival of trading and airdrops, but bad news came from Slerf.

On March 18, SLERF founder @Slerfsol posted on the X platform, stating: "I accidentally destroyed the LP and the reserved tokens for the airdrop due to an operational error, and the minting rights have been revoked, leaving me powerless." This news struck a blow to many investors, who flooded the comments on the tweet.

At the same time, SLERF founder @Slerfsol expressed his apologies again, saying, "This is not a joke, I really messed up, I am very sorry… The biggest problem now is that I do not have 10 million dollars to refund the presale users. I prepared for 3 days but made a mistake at the finish line. I am sorry for those who participated in the presale, and I apologize to my team, who helped me over the past 3 days. Currently, I see no way to fix this, and I don't even think it's possible." He then opened a Space on Twitter to express his heartfelt apologies.

It was initially thought that the Slerf project would end here, becoming another classic "misstep rug" in this round of MEME market.

But a miraculous scene unfolded; although users did not receive the 50% tokens they were entitled to, they were moved by founder @Slerfsol's "behavior of going public," sparking a buying frenzy, and the token surged alongside the founder's tears in the Space.

Currently, Slerf's popularity has attracted the attention of many exchanges, with XT.COM listing the SLERF token, which has surged over 22 times; Bitget will list SLERF at 6 PM tonight. The price of SLERF is still rising, with a 24-hour trading volume exceeding 714 million dollars.

At the same time, the address of the "first person to eat the crab" EeQD…JTo3z has currently made a profit of 3.65 million dollars. According to on-chain analyst @ai_9684 xtpa's monitoring, the top holding address for SLERF, EeQD…JTo3z, spent 2,864 SOL to continuously buy 5,746,360 SLERF at the moment the trading pair was launched, worth 578,000 dollars.

Here, we remind investors that MEME token prices are highly volatile; please pay attention to asset safety and choose investment targets cautiously.