Slerf Meme Coin Surges to $1.7 Billion Volume Despite Developer's Accidental Fund Loss

Slerf, a sloth-themed meme coin launched on the Solana network, attracted attention after raising $10 million in a presale, despite a significant mishap where the developer accidentally burned the liquidity provider and tokens. The incident, acknowledged by the developer on social media, led to a loss of all funds raised. Despite this setback, Slerf gained significant traction, achieving multiple exchange listings and generating a trading volume of $1.7 billion within hours of its launch. The token's price surged to as high as $1.4 from an initial value near 3 cents. Despite skepticism from some regarding the authenticity of the incident, the market frenzy around Slerf persisted, with traders making substantial profits. The launch of Slerf is part of a trend where developers raise millions in presales, contributing to the recent surge in the price of Solana's SOL token.