Sloth-Themed Memecoin Slerf Plans to Establish a DAO to Guide Its Development

Memecoin creator Slerf, who “accidentally” burned nearly $11 million worth of tokens, has unveiled plans to establish a community board and a decentralized autonomous organization (DAO) for the SLERF token and NFT holders on the Solana blockchain.

Solana’s sloth memecoin, Slerf, is set to get its own decentralized organization to steer its development.

Memecoin creator Slerf, who "accidentally" burned almost $11 million worth of tokens, has announced plans to create a community board and a decentralized autonomous organization (DAO) for SLERF token and NFT holders on the Solana blockchain.

We're building a Community Board and DAO for $SLERF and @slerfcapital together with our NFT holders.

This will empower our community with more control and decision making power over one of the biggest memecoins on Solana.

Stay tuned, a lot needs to be done before implementation. pic.twitter.com/Vk0LZJs8Xj

In an X post on June 16, the memecoin dev said the initiative is aimed at empowering the community by giving “more control and decision-making power” over the project.

While specific details were not disclosed, the anonymous developer mentioned that the community board will have influential members from both the English and Chinese communities, in a move set to foster wider community participation and governance within the Slerf ecosystem.

SLERF is down 8% at $0.28 at the last check, according to CoinMarketCap data, despite the announcement.

Slerf quickly became popular in the crypto community after its anonymous founder burned nearly $11 million worth of liquidity raised in a so-called presale "by accident."

The unexpected turn of events did not deter speculators from buying up the token, which pumped it by over 4,000% in a matter of hours after it began trading. Several crypto exchanges, including HTX, Bitget, and BingX, pledged to contribute trading fees to support the Slerf community in response to the incident.