Justin Sun gets involved with SLERF: What’s cooking?

• Justin Sun has donated the SLERF trading fees to affected holders.
• Sentiment around HTX and TRX remained negative.

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.

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.

Source: X

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.

Source: X

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.

Source: Santiment

How much are 1,10,100 TRXs worth today?

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%.