An anonymous person’s profit history is trending among the crypto community, where the person played the right cards and made $3.02 Million in profits within just 12 minutes. This impressive performance has taken over thousands of investors’ hearts. So what has happened? Let’s get to that. 

Also Read: 3 Trending Solana Meme Coins to Watch Out in 2024

$1.98 Million Investment Turned To $5 Million

Because of the X (previously known as Twitter) post by a crypto trader, Elja, the news came to people’s attention. The post stated that the individual gained $3.02 Million when he invested $1.98 Million to buy a 69.74 Million SLERF token in exchange for a 9,894 Solana token. Surprisingly, in the next 12 minutes, he sold those for 25,001 $SOL, which came out to $5 Million, bringing a profit of $3.02 Million. 

In just 12 minutes, this individual generated approximately $3.02 million by trading $SLERF.

He invested $1.98 million to purchase 69.74 million $SLERF, using 9,894 $SOL, immediately after the trading session began.

Within the same 12-minute period, he sold the $SLERF for… pic.twitter.com/UMELPw1lCR

— Elja (@Eljaboom) March 18, 2024

Why SLERF Price Exploded?

 SLERF is a Solana blockchain-based meme coin with the theme of the Sloth creature. Unlike the Sloth’s slow speed, the token turns out to be fast because of a mishap. An unrelated situation to this $3.02 Million profit scenario led to a major hike in the SLERF prices.

One of the SLERF developers mistakenly ended up burning $10 Million worth of SOL, raised during this token presale. Not only this but the entire liquidity pool has been finished with this incident.

Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.

Mint authority is already revoked so I can not mint them.

There is nothing I can do to fix this.

I am so fucking sorry.

— Slerf (@Slerfsol) March 18, 2024

The developer came forward on X to apologize for this incident and cleared up that he was working on burning the LP, and a few wrong clicks led to burning the Solana token. 

I initially tried to burn the LP using Solana tools vercel, and it wouldn’t go through. So I went to Sol in and was clearing out the shitcoins people sent to the wallet and accidentally burned them with the pile of other coins

Later, the developer shared the new presale information, quoting, “Will refund from the first presale to all who will join new.”

The presale participants won’t receive any airdrop, but the better news is that the SLERF prices exploded right after this. SLERF’s price surged by more than 4500%, rising to $1.07. Today, the price has fallen by more than 64%, and the token is currently trading at $0.4179 with a trading volume of $704,516,902. The token was initially playing around $0.012, but it surged to an all-time high before falling to its current value.

More than ten exchanges have already listed the token, and many more are on the way to do so. A few called it a marketing strategy, whereas the rest went on buying the token.  Crypto investor Alex Cruger has called it the most incredible token decentralized exchange launch of the token industry. 

Conclusion

Whether it was a marketing technique or a genuine mishap, SLERF is doing just fine right now. It got a head start in the crypto industry and has gained the attention of all the potential investors. Even one investor made $3.2 Million in profits in those simple 12 minutes. However, the token prices have fallen today and are trading at $0.4 after reaching an ATH  of $1.07. 

Read more about What will be my portfolio if Solana Price Hits $500.

The post SLERF Trader Made $3.02 Million In 12 Mins; Here’s What Happened appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am