Rushed Solana Memecoin Launch Burns $10 Million as Meme Craze Sweeps Crypto Market

By: Eva Baxter

The creator of the Solana-based memecoin, Slerf, has unintentionally burned both the liquidity pool and the 500 million tokens reserved for pre-sale investors in a flawed launch. The project had previously raised over $10 million via pre-sale.

In a recent surge of interest in Solana-based memecoins, well over $100 million has been poured into their pre-sales, as indicated by prominent crypto expert, 0xGumshoe. This astonishing inflow of funds has propelled Solana's decentralized exchange volumes to unprecedented levels, surpassing even crypto giant, Ethereum, in Google search popularity.

The allure of fast returns has fueled this investment trend, despite criticism of the pre-sale model's risks. Ethereum expert, Anthony Sassano, likened it to a 'ponzi scheme', cautioning against the high likelihood of 'rug pulls' in memecoin pre-sales.

However, not all projects have met with such unfortunate endings. The Book of Meme (BOME) coin as an example, saw an astonishing increase in its value of more than 1,000%, followed by a listing on several exchanges. As of now, BOME boasts a market capitalization of roughly $1 billion.