Solana-Based Memecoin Slerf Refunds Users $10M from Error Burn

Slerf, a memecoin project built on Solana, has refunded $10 million worth of SOL to 25,444 presale investors. The refund came 18 months after liquidity and airdrop tokens were accidentally destroyed, leading to confusion, but it helped Slerf’s market cap grow to $700 million.

The refund’s completion, announced on October 20, 2025, sets a new standard of accountability in the memecoin market, with SLERF still actively traded.

The Error and Its Aftermath 

Slerf’s developer, who goes by @youlovegrumpy, accidentally burned 53,359 SOL worth $10 million during the presale launch on March 18, 2024. The mishap occurred when they were trying to remove unwanted tokens using a tool called Sol Incinerator, but they mistakenly destroyed necessary tokens needed for liquidity and airdrops. 

The irreversible loss impacted 25,444 wallets. A post by the developer saying, “Guys, I messed up,” drew 40,000 listeners to an emergency meeting on X, where they apologized. At first, some thought it was a scam, but the developer’s transparency eased concerns and created excitement.

The incident stopped presale sell-offs, creating a “fair launch” that helped Slerf’s market cap rise to $700 million within hours. Trading volume reached $1.7 billion, with large investors making significant profits. Major exchanges like HTX, BingX, and Bitget listed Slerf and promised to use trading fees to help with the refunds.

$10 Million Refund Reaches Completion

Slerf’s team promised to refund presale investors with community donations, exchange fees, and project earnings. By July 2025, they sent NFTs to presale wallets as temporary compensation. By October 15, 2025, they had completed over 80% of the refunds and provided tools for old token holders to transition.

Slerf’s full refunds announcement was celebrated as a “redemption arc” on X, gaining recognition from 170,000 followers. The memecoin currently trades at $0.40, with a market cap of $20 million and a 24-hour trading volume of $8.95 million on CoinGecko.

Meanwhile, the crypto space has presented different strokes to different entities, as some have erroneously minted instead. For example, just recently, stablecoin issuer Paxos mistakenly minted $300 trillion worth of PYUSD, the PayPal-backed stablecoin, during an internal transfer. The minted tokens represent over 75 times the current market cap of the entire crypto market.

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