The cryptocurrency market has been falling over the past few days with most cryptocurrencies registering red numbers. Expectations of big profits in a bull market are temporarily suspended. While many people are patiently waiting for prices to rise again, others seem to be looking for other options to make their bags.
Crypto Presale Frenzy Sees Big Numbers
Since last February, ‘Memcoin Mania’ has been at the forefront of the market and attracting attention. As a result, investors may see a window of opportunity to profit from these tokens.
During previous bull cycles, Dogecoin (DOGE) and Shiba Inu (SHIB) were center stage, with millions of dollars invested in the tokens. This time, the largest memecoin by market capitalization is being overtaken by some new players.
Dogwifhat and other Solana-based tokens are leading this segment, recording huge gains over the past month. Book of MEME (BOME), which recently started as a small experimental project, skyrocketed to a market capitalization of $1 billion within a few days of pre-sale and launch.
The memecoin surge has now turned into a memecoin pre-sale frenzy, with pre-sales popping up left and right after it became the “meta” of the market.
pre-sale meta pic.twitter.com/z02vQWnnhz
— Duss (@dussincook) March 18, 2024
A meta term borrowed from the gaming community to refer to the most effective tactics. Therefore, investors and scammers alike are attempting to profit from the trend.
Crypto researcher ZachXBT reports that the current “pre-sale meta” trend on X has raised $122.5 million since March 12. Using the BOME project as a starting point, the cryptocurrency detective counted 27 pre-sales in Solana-based memecoins since that day. According to Cryptocurrency Research calculations, the project has raised approximately 655,000 SOL.
I looked into how many SOLs were sent as a result of the presale meta and calculated >655,000 SOL ($122.5M) raised in 27 presales. pic.twitter.com/dvsW4TSoov
— ZachXBT (@zachxbt) March 19, 2024
To put the numbers into perspective, ZachXBT emphasized that these numbers only apply to projects on the Solana chain over the past seven days. That said, the calculation is only a part of the larger image as pre-sales before March 12th and excludes chains such as Ethereum, Base, and BSC.
Memecoins Raise Millions in Minutes
The biggest fundraiser on the list was visual artist Dekadente’s SMOLE token. The project received notable support from the community, receiving 169,982 SOL during the pre-sale period.
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 pre-sale participant airdrop.
Many pre-sales raised millions of dollars This suggests impressive participation from the cryptocurrency community. However, many suggest that the massive figures raised are from “fabricated FOMO” and “insiders sending out the brush that they will eventually get it back.”
Despite raising millions of dollars in SOL, the pre-sale meta trend left investors with nothing. As the investigator highlighted, many of the pre-sales on his list were “hard rugs,” or saw the tokens’ momentum quickly disappear after launch. As a result, the investment of pre-sale participants disappeared or decreased significantly.
It depends on whether you mean hard rugs or pre-sale contributors.
— ZachXBT (@zachxbt) March 19, 2024
Moreover, scammers have seized the opportunity to profit from the pre-sale craze. Phishing scams via pre-sale posts have skyrocketed. Attempts have been made to impersonate accounts to rob investors’ wallets or collect money that people intend to send to pre-sale addresses.
Crypto community members have expressed concern about the pre-sale trend. Many cryptocurrency investors believe this trend could lead to memecoin fatigue. You might get hurt Organic project aiming for long-term stability.
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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Source: NewsBTC.com