The team behind Solana-based memecoin<\/a> SLERF has accidentally burned $10 million worth of tokens, causing an uproar among early investors.<\/p>\n \u201cGuys I f*#ked up,\u201d wrote<\/a> the project\u2019s X account early this morning. \u201cI 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 f*#king sorry,\u201d they said.<\/p>\n Despite a 60% drop on the news, the SLERF token is up nearly 2,000% in the past 24 hours and commands a market capitalization of $250 million. The token has seen a whopping $2 billion in volume traded, according to Dexscreener<\/a>.<\/p>\n SLERF shines a spotlight on the memecoin frenzy<\/a> that is reaching unprecedented levels. Investors weren\u2019t happy, as expected, but some are still calling for the situation as the fuel to propel the token to higher prices.<\/p>\n The mistake also sparked jokes that Solana is now deflationary, following the 53,000 SOL removed from the supply. Crypto tax platform TokenTax noted that raising $10 million and then losing it is a taxable event<\/a>.<\/p>\n Slerf\u2019s team has been busy on X, with the latest Space titled \u201cI f*#ked up<\/a>,\u201d replying to questions and offering apologies to the investors who lost their funds.<\/p>\n The developer responsible for the mishap said they aren\u2019t in charge of the project anymore, but that they are working on a fix to refund at least some of the money.<\/p>\n Solana<\/a>, the Layer 1 blockchain that has become the favored venue for trading memecoins, is enjoying a stellar run. It briefly cleared $200 on Mar. 18 after doubling in the past three weeks.<\/p>\n After topping its previous all-time high in terms of market cap, Solana has crossed BNB to take 4th place on Coingecko<\/a>.<\/p>\n <\/p>\n![\"SOL](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F04e355ff22b1e10daa99896ebb3d05b4c8a9c2e8-811x492.jpg&w=828&q=100\")