Jupiter Founder Says DEX Will Donate Fees to Slerf Presale Buyers

Solana decentralized exchange Jupiter moved fast to help Sloth-themed Slerf meme coin presale buyers who got burnt.

Meow, the pseudonymous co-founder of Jupiter, said late last night that after joining an X space with the Slerf community, the exchange "will be donating current and ongoing SLERF limit order & DCA fees to the SLERF presale participants."

That's because on early Monday morning, when the SLERF meme coin was meant to launch on Solana, the developer behind the project accidentally burned the liquidity provider and $10 million worth of funds raised through presales.

Token issuers raise money through presales, or sell the token for less than its initial listing price will be. The idea is that buyers can get in on a token at a low. But that only works if the funds don't then get irreversibly burned in the Sol Incinerator, like they did in the case of SLERF.

There's been a lot of attention on Solana meme coin presales lately. In the last week alone, more than 20 different unlisted tokens managed to raise approximately $125 million worth of SOL in presales, according to pseudonymous blockchain sleuth zachXBT.

The frenzy over finding the next Solana meme coin that will produce huge gains for its Day 1 holders is in part driven by the wild success of Dogwifhat. The Shiba Inu-themed meme coin, which only just launched in December, and has seen its value go from less than a penny to $2.27 at the time of writing.

For context, an investor who bought just $5 worth of WIF tokens right when it launched on December 13 would have seen a 474% gain and today be sitting on a bag worth $2,376.79. And that's with the 15% dive the price has taken as markets see red.

The SLERF presale buyers are also being helped by LBank, another Solana exchange. It made the first donation to help make presale buyers whole and is now the custodian of others.

"Slerf pre-sale participants won't need to register an LBank account," the exchange said on Twitter, "just keep an eye on your wallets and await the SOL arrival."

The meme-fueled fracas even caught the attention of acclaimed NFT artist Beeple, who early this morning shared an homage to the sloth-themed meme.