Solana’s SLERF token experienced a whirlwind of activity, characterized by a rapid price surge followed by a steep decline, leaving investors and traders reeling from the volatility.
According to on-chain reports from Lookonchain, an address identified as 5Jha8h…jmbzxd entered the market with a bold move, purchasing 69.74 million SLERF tokens at the opening for 9,894 SOL, equivalent to $1.98 million.
Unbelievable!😱
This guy made ~$3.02M in just 12 minutes by trading $SLERF!
He spent 9,894 $SOL($1.98M) to buy 69.74M $SLERF immediately after opening trading.
Then sold it for 25,001 $SOL($5M) within 12 minutes.
Making 15,107 $SOL($3.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj
— Lookonchain (@lookonchain) March 18, 2024
In a remarkable turnaround, the address swiftly sold the tokens for 25,001 SOL in less than 12 minutes, generating a profit of 15,107 SOL, approximately $3.02 million. This impressive feat occurred as the price of SLERF surged by more than 30 times within an hour of trading initiation.
Another significant player, a whale holding 158,786 SOL valued at $32 million, made an entry into the SLERF market by investing 3,024 SOL, equivalent to $606,000, to acquire 1.7 million SLERF tokens at $0.35 each. Notably, this transaction marked the first token purchase for the whale wallet.
Whales seem to be crazy about $SLERF!
A whale with 158,786 $SOL($32M) spent 3,024 $SOL($606K) to buy 1.7M $SLERF at $0.35.
This whale wallet has never bought any tokens, and $SLERF is the first token he bought.https://t.co/SzMZDS0e0O pic.twitter.com/chA7hO5hhl
— Lookonchain (@lookonchain) March 18, 2024
SLERF Developer Burning Blunder Results To Many Heartbreaks In The Ecosystem
However, the euphoria surrounding SLERF was short-lived as the token’s price suddenly plummeted by over 18%.
Reports emerged indicating that the Solana Memecoin project attributed this downturn to the burning of all liquidity pool (LP) and airdrop tokens due to an inadvertent operation error. Furthermore, the project clarified that new tokens cannot be minted as the minting permission has been revoked.
The $SLERF developer accidentally burned the LP and the 500M $SLERF for #airdrop.
All investors participating in the $SLERF pre-sale cannot receive #airdrop.
The current supply is only 500M $SLERF.https://t.co/dfnAbtCaoc pic.twitter.com/nI2EGY9Ssx
— Lookonchain (@lookonchain) March 18, 2024
The repercussions of this development are significant, particularly for pre-sale investors who contributed over 50,000 SOL and $10 million to the project.
With the announcement that pre-sale investors will neither receive tokens nor SOL refunds, the situation has intensified, leaving stakeholders grappling with the aftermath of the token’s volatile trajectory.
As investors assess the implications and ramifications of SLERF’s rollercoaster ride, the incident underscores the inherent risks associated with trading in the cryptocurrency market, emphasizing the importance of due diligence and risk management strategies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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This news is republished from another source.
