Jupiter DEX Helps Loss-Making SLERF Presale Buyers

Jupiter , a Solana-based decentralized exchange (DEX), is moving quickly to help SLERF meme coin presale buyers who are experiencing losses.

Meow, a co-founder who uses the pseudonym Jupiter, said yesterday evening that after joining the Slerf community, the exchange "will donate SLERF's current and ongoing limit order fees and DCA fees to SLERF presale participants."

SLERF chronology

That's because as early as Monday morning 03/18/2024, when the meme coin SLERF was supposed to launch on Solana, the developers behind the project accidentally burned liquidity providers and $10 million worth of funds raised through the presale. For information, burning is a mechanism to eliminate tokens from circulation in order to reduce their number and increase their value.

Token issuers raise money through a presale, or sell tokens at a lower price than their initial offering price. The idea is so that buyers can acquire tokens at low prices. However, it only works if the funds are not permanently burned in Sol Incinerator, as happened in the case of SLERF.

There has been a lot of attention on the Solana meme coin presale lately. In just the past week, more than 20 unlisted tokens managed to raise about $125 million SOL in a presale, according to blockchain investigators using the pseudonym, zachXBT.

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The Rise of Profiteers from Memecoin

The clamor to find the next Solana meme coin that will generate huge profits for its holders since Day 1 is partly driven by the overwhelming success of Dogwifhat. The Shiba Inu-themed meme coin, which only launched in December, has seen the value of the token rise from less than a cent to $2.27 at the moment.

For context, an investor who only bought $5 worth of WIF tokens right at launch on December 13 would have seen a 474% gain and currently has pockets worth $2,376.79. And that's with a 15% drop that the price is natural when the market is in the red.

SLERF presale buyers were also assisted by LBank, another Solana exchange. The exchange has made its first donation to help presale buyers and is now a watchdog of the others.

"Slerf presale attendees do not need to register for an LBank account," the exchange said on Twitter, "just monitor your wallet and wait for SOL's arrival."

Conclusion

The sudden skyrocketing price increase of SLERF turned out to be the result of a developer's mistake that accidentally obliterated tokens in the liquidity pool burning mechanism. Even so, the Jupiter DEX claims to help the victims, namely SLERF token holders who suffered losses due to the accidental action.

The meme-fueled riot even caught the attention of famous NFT artist Beeple, who this morning shared a tribute to the sloth-themed meme.

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How to Buy Jupiter (JUP) on Bittime

You can buy and sell Jupiter (JUP) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Jupiter (JUP) is available on Bittime with the market pair JUP/IDR. To be able to buy JUP IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Jupiter (JUP) on Bittime.

Monitor the price chart movements of Jupiter (JUP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Get to know Jupiter (JUP), Solana's DEX Uniswap's rival

BOME Boom, Darkfarms Spark Memecoin Millionaire Trend in Solana!

Understanding How DEX Aggregators Work

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.