Crypto Presale Frenzy Raises Over $122M Worth Of SOL In A Week
March 19 2024 - 4:00PM
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The crypto market is down as most cryptocurrencies have registered
red numbers for the past few days. Expectations of making big
profits out of the bullish sentiment are momentarily halted. And
while many patiently wait for the prices to rise again, others are
seemingly looking for different options to make their bags. Related
Reading: Introducing Book Of Meme (BOME), The Latest $1 Billion
Crypto Sensation Crypto Presale Frenzy Sees Big Numbers The
“memecoin mania” has been at the forefront of the market, stealing
the spotlight since February. As a result, investors might see a
window of opportunity to profit from these tokens. During the
previous bull cycle, Dogecoin (DOGE) and Shiba Inu (SHIB) were at
the center of the stage, with millions of dollars invested in the
tokens. This time, the biggest memecoins by market cap are being
outshined by some of the newer players. Dogwifhat and other
Solana-based tokens have led the way during this leg, registering
massive gains in the last month. Recently, the presale and launch
of Book of MEME (BOME), which started as a small experimental
project, saw its surge to a $1 billion market cap in a few days.
The memecoin surge has now turned into a memecoin presale frenzy,
with presale launching left and right after becoming the “meta” of
the market. PRE SALE META pic.twitter.com/z02vQWnnhz — duss
(@dussincook) March 18, 2024 The meta term, borrowed from the
gaming community, refers to the Most Effective Tactic Available. As
such, investors and scammers are equally attempting to take profit
off the trend. Crypto investigator ZachXBT revealed on X that the
current “presale meta” trend has raised $122.5 million since March
12. Taking the BOME project as a starting point, the crypto
detective counted 27 different presales from Solana-based memecoins
since that date. These projects raised approximately 655,000 SOL,
according to the crypto sleuth calculations. I was interested to
see how much SOL has been sent as a result of the presale meta and
calculated >655,000 SOL ($122.5M) raised from 27 presales.
pic.twitter.com/dvsW4TSoov — ZachXBT (@zachxbt) March 19, 2024 To
put the numbers into perspective, ZachXBT highlighted that these
figures only account for the projects on the Solana chain in the
last seven days. This means that the calculations are only one part
of the bigger image as the presales before March 12, and chains
like Ethereum, Base, and BSC are excluded. Memecoins Raising
Millions In Minutes The biggest raiser on the list was the SMOLE
token by visual artist Dekadente. This project received 169,982 SOL
during the presale and has seen notable support from the community.
Similarly, the recently launched Slerf raised over 50,000 SOL.
However, the token faced a dramatic launch after its creator
accidentally burned the tokens reserved for the presale
participants airdrop. Many of the presales raised millions in a
matter of minutes, which hints at impressive participation from the
crypto community. However, many suggest that the massive figures
raised come from “fabricated fomo” and “insiders sending sol that
they’ll eventually get back.” Despite raising millions in SOL, the
presale meta trend left investors with nothing. As the investigator
highlights, many of the presales on his list have seen a “hard rug”
or the tokens’ momentum quickly fading after launch. As a result,
the presale participants’ investments vanished or diminished
considerably. depends if you mean hard rug or just presale
contributors down bad — ZachXBT (@zachxbt) March 19, 2024 Moreover,
scammers have taken their chance to profit off the presale frenzy.
Phishing scams under the presale posts have skyrocketed, with
impersonating accounts trying to drain investors’ wallets or
collect whatever amount people meant to send to the presale
addresses. Members of the crypto community have expressed their
concerns over the presale trend. Many crypto investors consider the
trend might create memecoin fatigue, which could hurt the organic
projects aiming for long-term stability. Related Reading: Shiba Inu
Ecosystem Blooms: BONE Jumps 44% With $3 Target In Sight SOL is
trading at $177.9 in the 1-day chart. Source: SOLUSDT on
Trading.view.com Featured Image from Unsplash.com, Chart from
TradingView.com
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