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Founders have amassed millions worth of Solana’s SOL through token presales in the last 72 hours. Crypto traders have sent around $100 million worth of SOL in an attempt to buy into new Solana memecoins.
These tokens, including Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and many others, have been raising funds through a controversial presale model. This approach allows unreleased coins to gather investments without guarantees of token delivery, raising concerns about potential scams and fraudulent activities.
The memecoin presale craze reached its peak with the launch of Book of Meme, a memecoin created by pseudonymous artist Darkfarms1. Despite an initial value of around $4 million, BOME rallied over 36,000% within 56 hours, reaching a staggering $1.45 billion market capitalization.
One early investor, Sunday Funday. Sol turned an initial investment of 420.69 SOL (worth $72,000 at the time) into a remarkable $32 million in less than three days,
However, the presale model has drawn criticism from industry experts, including Ethereum educator Anthony Sassano, who lambasted investors for sending money to random wallet addresses with no assurance of receiving tokens in return, calling such actions “dumb as hell.”
As the memecoin excitement continues, concerns surrounding the legitimacy and sustainability of these presale models persist. Investors are cautioned to exercise due diligence and consider the inherent risks associated with such speculative investments in the highly volatile crypto market.
Also read: Trader Misses Out on Turning $8,000 into $1 Million in BOME
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