Founders have sold token presales in Solana’s SOL to raise millions of dollars in the last 72 hours. In an effort to buy more Solana memecoins, cryptocurrencycurrency merchants have sent over $100 million worth of SOL.
A controversial presale strategy has been used to acquire money for these tokens, which include Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and many more. This tactic raises concerns about possible fraud and frauds by allowing unreleased currencies to draw investments without offering the promise of token delivery.
With the introduction of Book of Meme, a memecoin created by the pseudonymous artist Darkfarms1, memecoin presale craze reached its pinnacle. BOME saw a rise of more than 36,000% in just 56 hours, from its initial value of about $4 million, to a market capitalization of $1.45 billion.
There was one early investment on Sunday Funday. In less than three days, Sol turned an initial investment of 420.69 SOL, or $72,000 at the time, into an incredible $32 million.
The idea of a presale has drawn criticism from industry experts, such as Ethereum instructor Anthony Sassano, who called investors foolish for sending money to random wallet addresses in the hopes of getting tokens in return.
The legitimacy and sustainability of these presale programs continue to be questioned as the frenzy surrounding memecoins intensifies. Investors are urged to investigate the risks involved with making such speculative investments in the extremely volatile cryptocurrencycurrency market.
