Solana has been hot as of late. The project has seen a rebound since late 2022 when FTX collapsed. It is nearing previous highs set in 2021, driven by a variety of interesting projects on the chain. The chain supports protocols ranging from AI projects to novel staking programs. However, perhaps the most popular among all of these projects has been meme coins.
Solana was not known for meme coins until recently. Tokens such as Bonk (BONK), dogwifhat (WIF) and MAGA Coin (TRUMP) rose to stardom and have attracted billions in investment.
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However, a new batch of tokens may be taking over, using a new and unique method of token allocation called a presale. BOOK OF MEME (BOME) has overtaken the crypto scene with huge price increases.
A presale works when investors send tokens to a wallet address that allocates a certain amount of tokens based on the amount of initial investment. The process is risky from multiple standpoints. Traders have no guarantee that sending money to the wallet will result in eventually receiving tokens. The process could be a scam in which investors send money to a wallet and never get any tokens in exchange. Additionally, the amount of tokens you receive back from the presale could vary from the initial amount. While this could work in your favor, it is a risk.
However, these risks did not seem to sway investors at all. According to on-chain data posted on X, individual investors threw tens of thousands of dollars into the BOME presale.
The token was created by the anonymous Darkfarms1, who amassed a huge following on X by posting photos of the Pepe meme and advertising the BOME token. The hype allowed the project to attract around $4 million in presale investment, and the project began trading on March 14, 2024.
Within 3 days, the project’s initial market cap of $4 million rose to $1.5 billion. The increase of over 37,000% made millionaires along the way.
Sundayfunday.sol, a close friend of the creator of BOME, invested 420.49 SOL tokens, worth $72,000 at the time. The investment paid off, reaching a peak of over $30 million in 72 hours, according to blockchain analytics company Lookonchain. According to the post, sundayfunday.sol sold around $3.66 million BOME, leaving over $26 million. The wallet then used some of those holdings to buy a handful of other Solana meme coins. As it stands right now, the wallet holds around 20,000 SOL tokens, worth $4 million, and 32 different meme coins worth $16 million.
An investment of $250 in BOME at launch would have been worth over $93,000 at its peak. A $2,700 initial investment would have been worth over $1 million.
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This article Presale Investors In Solana Memecoin Turned $250 Into $90,000+ Last Week originally appeared on Benzinga.com
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