SLERF evaporated nearly $200 million in ten minutes, and Solana’s technical details have never been so valuable

Written by: Rhythm Workers, BlockBeats

Who said you don’t need to look at technical details when speculating on currencies? SLERF A few minutes of pushing the pin up and down taught everyone a lesson in catching a horse.

The founder of the Slerf project, @Slerfsol, posted on the . In the Twitter Space, he said in tears that he had messed up and felt very sorry. He might not be able to repay the money.

SLERF founder Twitter Said he screwed up

I thought that the Meme project SLERF, which raised more than 50,000 SOL, would die, but I never thought This move instead enabled SLERF to refresh BOME's record. On-chain data shows that since its launch, SLERF’s total transaction volume has exceeded US$1.1 billion in less than 4 hours, making it the new meme king.

Related reading: "The market value exceeded US$600 million in 3 hours, a quick look at SLERF's horse-catching story"

I thought that the rapid rise in the price of this currency would be It was already eye-catching enough, but I didn’t expect that something even more eye-catching was yet to come.

Can the money entered into the contract be returned?

Just a few minutes after SLERF exceeded $1, Starknet co-creator tobbykitty.eth, who had just woken up in Eastern Time, shouted to @Slerfsol, the founder of the Meme project SLERF Said: "I don't know the latest situation, but the Raydium contract can be upgraded through multi-signing. If you send LP tokens directly there, Raydium can transfer them back."

As soon as this statement came out, the panic of the community took effect, and it immediately fell by 50% from the high point.

However, just a few minutes later, in response to tobbykitty.eth's remarks, X user ghazzog replied: "SLERF was destroyed through the burning process of Sol Incenator, not the Raydium contract. ."

Tobbykitty.eth replied, "Then there is no other way."

This means that these destroyed funds cannot be returned.

In the divergence of market consensus in these few minutes, a giant whale entered the market. According to Lookonchain monitoring, a whale holding 158,786 SOL ($32 million) spent 3,024 SOL ($606,000) to purchase 1.7 million SLERF at an average price of $0.35. The whale wallet has never purchased any tokens and SLERF was the first token he purchased.

Following this, the large account continued to buy and held 5.14 million SLERF, becoming the second largest individual SLERF holding address. He has currently spent a total of 24,037 SOL ($4.8 million) to buy 5.14 million SLERF, with a comprehensive cost of $0.93.

After being clarified, SLERF briefly fell below $0.6 and then rebounded, rebounding more than 66% from the low. At the time of writing, SLERF is currently quoted at $0.6694.