Solana Memecoin Sector Surges by 45% as Traders Pour $100 Million in 72 Hours
The world of meme coins is experiencing an unprecedented surge with Solana emerging as a preferred venue for these speculative cryptocurrencies.
In the last 72 hours, crypto traders have funneled approximately $100 million worth of Solana into new Solana meme coins, according to data aggregated by crypto researcher 0xGumshoe .
This influx of funds comes as memecoin founders capitalize on token presales, raising millions for unreleased coins.
Among the notable meme coins that have garnered attention are Book of Meme (BOME), $NAP (NAP), and Nostalgia (NOS).
These projects have adopted a controversial presale model, which has drawn both curiosity and criticism from the crypto community.
The presale mechanism involves investors sending cryptocurrency to a specified wallet address and receiving a distribution of tokens once the coin goes live.
However, there is no guarantee of receiving tokens in return, making presales a breeding ground for fraud and scams.
The recent frenzy surrounding memecoin presales reached its peak with the launch of Book of Meme on March 14.
Created by pseudonymous artist Darkfarms1, the coin initially had a valuation of around $4 million.
However, it skyrocketed by an astonishing 36,000% within 56 hours, reaching a peak market capitalization of $1.45 billion.
Early investors, such as sundayfunday.sol, saw their investments surge exponentially, with one individual turning 420.69 Solana (equivalent to $72,000 at the time) into a staggering $32 million in less than three days.
While the memecoin mania has captivated the crypto space, concerns about the presale model and the risks it poses have emerged.
Ethereum educator Anthony Sassano criticized the practice, stating that sending
Read more on cryptonews.com
