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A $10 million “mistake” is what’s likely to be remembered of new Solana meme coin Slerf.

The shocking crypto news story is that the project’s developer inadvertently burnt all liquidity provision (LP) and presale distribution tokens. The entirety of the token supply meant for airdrop to presale participants is lost, the Slerf developer noted on Monday.

Slerf collected 50,000 SOL, or over $10 million, during the presale and the burn of all tokens means that’s the loss users are staring at.

“I initially tried to burn the LP using solana tools vercel and it wouldnt go through. So I went to sol incen and was clearing out the shitcoins people sent to the wallet and accidently burned them with the pile of other coins,” @Slerfsol posted on X.

According to the lead developer, there is nothing that he can do as the “mint authority is already revoked.” However, despite the irreversible action, Slerf says they will do evrything to make presale participants whole.

The SLERF token price spiked after launch to hit $1.25 before plummeting sharply as the mishap news hit the market. According to on-chain data by Lookonchain, one trader made roughly $3.02 million “in just 12 minutes” of trading the SLERF meme coin.

Some observers on X are calling the Slerf incident a major rugpull. One commenter sees the huge sales seen just after the token launch as being by an insider.

Solana meme coins have been on a tear in recent months, with notable ones to hit the market being dogwifhat, Bonk and Book of Meme. 

Slerf, which currently has a market cap of over $277 million, is the fifth-largest. It’s price is down more than 45% in the past hour.

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