Solana decentralized exchange Jupiter has made a significant decision to help investors who incurred losses during the pre-sale of the sloth-themed Slerf memecoin. Jupiter’s co-founder Meow announced late last night that, after participating in an X Space event with the Slerf community, the exchange will donate its current and ongoing SLERF limit order and transaction fees to the participants of the SLERF pre-sale.
Significant Step for SLERF
The reason for this is due to the SLERF memecoin project’s lead developer accidentally burning the liquidity provider and the $10 million in funds collected during the pre-sale, which was supposed to be launched in the Solana ecosystem on March 18.
Token issuers raise money through pre-sales or sell the token at a price lower than its initial listing price. The idea is for buyers to own the token at a low price. However, this only works if the funds, as in the SLERF case, are not irreversibly burned in the Sol Incinerator.
Recently, there has been a significant interest in Solana memecoin pre-sales. According to blockchain detective zachXBT, just last week, more than 20 different unlisted tokens managed to collect approximately $125 million worth of SOL in pre-sales.
Memecoin Hype Attracts Attention
The frenzy to find the next Solana memecoin project that will yield huge profits for early holders is partly due to the wild success of Dogwifhat. The Shiba Inu-themed memecoin was launched just in December and its value has risen from less than a cent to $2.27 at the time of writing this article.
In terms of context, an investor who bought only $5 worth of WIF tokens when it was launched on December 13 would have made a 47,400% gain, sitting on an asset worth $2,376.79 today, even after a 15% drop in price as the markets saw red.
Another Solana exchange, LBank, is also assisting SLERF pre-sale buyers. It made the first donation to help all pre-sale buyers and is now their guardian. The LBank team stated the following through X:
“Slerf pre-sale participants don’t need to open an LBank account. Just keep an eye on your wallets and wait for the arrival of SOL.”
This chaos fueled by meme culture even managed to catch the attention of famous NFT artist Beeple, who shared a sloth-themed meme early this morning.
