Meme tokens on Solana raised $100 million in three days during the presale

SOL has risen to the fourth place in the ranking of cryptocurrencies by market capitalization

18.03.2024 - 11:45

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What’s new? Over the past three days, several meme token projects on the Solana blockchain have raised over $100 million through a presale. The most notable projects in the ecosystem are Book of Meme (BOME), Nap (NAP), and Nostalgia (NOS).

Material by Cointelegraph

What else is known? BOME, launched on March 14 by an artist under the pseudonym Darkfarms1 with an initial cost of about $4 million, rose more than 36 000%, reaching a peak market capitalization of $1,45 billion in less than 56 hours. At the time of writing, the asset’s capitalization has nearly halved to just over $766 million.

The largest contributor to the presale and friend of BOME’s creator under the nickname Sundayfunday.sol has increased his investment by 42 400% in less than three days. According to Lookonchain analysts, he invested 420,69 Solana (SOL) native tokens worth about $72 000 at the time in BOME and received 1,43 billion BOME worth $30,6 million.

Source: Twitter.com

The presale involves investors sending cryptocurrency to the creator’s address and receiving a weighted distribution of tokens after the project launches. In this case, there is no guarantee that the investor will receive new tokens in exchange for the sent cryptocurrency, making presale an extremely popular model for scammers.

Increased activity in the meme token segment has led to the fact that since March 14, the market capitalization of SOL has grown by 28%. Also, the asset has risen from the fifth to the fourth line of the cryptocurrency ranking, overtaking the native token of the largest crypto exchange Binance (BNB).

The SOL exchange rate added 8% in the last 24 hours and rose to $208, the highest since December 2021.

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