Summary
TLDR: A meme coin called SLERF accidentally burned $10 million in a presale, causing some investors to lose money while others profited from the chaos. The crypto world is unpredictable and risky, with some blaming the culture of unrealistic gains for leading people to invest in meme coins. The author, a former Russian literature major, observes the crypto space from an outsider’s perspective and is interested in the stories that come out of it.
Key Points
1. SLERF, a sloth-themed memecoin, accidentally burned the entire $10 million presale with a bad click by a team member.
2. Despite the presale disaster, the attention on SLERF caused the token’s price to rise to over a dollar, with some traders making millions on the bad news pump.
3. The crypto market’s hype and culture of unrealistic gains can lead to risky investments in memecoins, ultimately causing losses for investors.