Despite a rocky start, the memecoin has now exceeded a market capitalization of $500 million.
Thanks to strong community support, the Solana memecoin Slerfsol (SLERF) has managed a successful launch despite a challenging start. Initially, the project faced a setback when its creator accidentally burned over $10 million worth of Solana (SOL) tokens intended for investors during the March 18 presale.
As of the latest update, SLERF is valued at $0.79, boasting a total market capitalization of $505 million. The coin is now listed on multiple exchanges. To address the earlier mishap, the creator appealed for donations to compensate affected users. The response was positive, with the coin’s wallet receiving 3,000 SOL in donations.
In a show of support, cryptocurrency exchange BingX offered to donate all trading fees generated from SLERF trading on its platform to the project. Additionally, BingX promised to distribute future BingX World Debut tokens to addresses that participated in the Slerf private sale but did not receive SLERF tokens. Slerf expressed gratitude for BingX’s gesture, stating, “Thank you so much [BingX]. I’m shaking. This is so crazy. You guys are amazing.”
Following suit, Gracy Chen, managing director of Bitget, announced that Bitget would donate all SLERF trading fees to the SLERF community, specifically to those involved in the presale. Chen also mentioned that donation details would be disclosed weekly, ending with the acronym “WAGMI.” Similarly, Chinese blockchain figure Justin Sun revealed that the HTX exchange, previously known as Huobi Global, would donate all trading revenue from SLERF to the protocol.
The recent frenzy surrounding memecoins has drawn comparisons to the Ethereum initial coin offering (ICO) boom of 2017, where numerous crypto projects raised significant funds but failed to deliver on their promises. In a related development, the non-fungible token (NFT) collection Milady’s novel Solana memecoin garnered 91,486 SOL ($18.7 million) in just two hours after announcing its presale.
