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The crypto community has started to raise concerns about the highest level of degeneracy as memecoin founders have earned millions of Solana through token presales in just the last 72 hours. According to aggregated data shared by crypto researcher 0xGumshoe, crypto investors have sent approximately $100 million worth of Solana to purchase new Solana memecoin projects in the past 72 hours.
Memecoin Excitement Persists
These tokens, particularly Book of Meme (BOME), $NAP (NAP), Nostalgia (NOS), and others, are raising money for unreleased tokens through a controversial presale model. Crypto investor Nick commented on March 18 in a post to X, attaching a screenshot of excessive large purchases in an undisclosed memecoin:
“This is the peak of legal corruption. Investing $180,000 and $90,000 in memecoins.”
The memecoin presale frenzy gained momentum when a memecoin named Book of Meme was launched using the controversial mass funding model. Released by artist Darkfarms1 on March 14 with an initial value of about $4 million, BOME saw an increase of over 36,000% in less than 56 hours, reaching a peak market value of $1.45 billion.
According to a post by blockchain analysis platform Lookonchain on March 17, an early investor and personal friend of BOME’s creator, sundayfunday.sol, turned an initial investment of 420.69 Solana, worth $72,000, into an astonishing $32 million in less than 3 days.
Memecoin and Presale Events
A presale involves crypto investors sending a cryptocurrency to a wallet address and then receiving a proportionate distribution of tokens when the token goes live. There is no guarantee that an investor will receive tokens in exchange for the cryptocurrency sent to the presale wallet address, making presales an extremely popular model for scammers to steal money from unsuspecting investors.
Entrepreneur David Sacks, known for his role as a co-host of the All In podcast, observed the escalating drama around memecoin projects and witnessed a lucky user making a profit of about $39,000 from the situation.
User DeFiRabbitHole, known as X, stated that they were expecting another All In memecoin to gain value when Elon Musk tweeted to All In podcast host Jason Calcanis, “Okay, I’ll buy the token,” leading to JASON’s price surge, turning initial investments from 1 SOL to 200 SOL.
