• Justin Sun donated the trading fees generated from SLERF to holders affected by the token burn.

As the market sentiment turned bullish on meme coins, Slerf [SLERF], a token on the HTX exchange, cashed in on this hype.

However, many holders of the meme coin were left with losses as prices of the token crashed. This occurred because after raising $10 million, SLERF “mistakenly” transferred all funds to a token burn address.

Justin Sun Steps In For SLERF

Justin Sun, in an attempt to aid customers who bought the meme coin, announced that he would take action regarding the SLERF situation.

In a tweet, he announced that HTX will donate all the trading revenue generated from SLERF trading on HTX Global.

作为@Slerfsol的第一大交易市场，HTX决定将@HTX_Global上所有的Slerf交易收入捐赠，并于HTX分配给参与私募的所有人，同时捐赠一些HTX代币在https://t.co/y7nJ0Tgrcj上的Slerf交易费手续费挖矿！用户第一！

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024

This revenue will be allocated to everyone who participated in the private sale of SLERF on HTX.

Additionally, HTX will donate some of its native token (HTX) for SLERF’s trading fee mining on the HTX.com platform.

See Also: Starknet Fixed STRK Token Airdrop Issues For Immutable X And ETH Pool Stakers

Mixed Reactions

Even though this move inspired praise for Justin Sun across social media from various accounts, others remained skeptical.

Speculation has been circulating within the X (formerly Twitter) community suggesting that Justin Sun is the driving force behind SLERF.

In May 2023, Sun disclosed his intentions to engage in meme coin trading and explore potential entertainment projects, accompanied by a pledge to donate any resulting profits to charity.

Despite Justin Sun’s attempt to help holders, the Weighted Sentiment around Huobi and Tron [TRX] fell. This suggested a negative outlook held by the crypto community on the social front regarding these networks.

SLERF’s price remained negative at press time. In the last 24 hours, the price of SLERF had fallen by 18.73.

However, the volume at which the token was being traded had spiked by a massive 550%.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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