Power of presales 💰
Is this the greatest memecoin story of the year?
Book of Meme (BOME), a memecoin by popular meme artist Darkfarms1, rose from an initial market cap of $4M to $1.55B in just over two days.
The token was launched using a 'presale' model that lets the public deposit funds to a wallet address in exchange for a share of tokens, with one participant, 'Sundayfunday.sol' turning an initial investment of 420.69 SOL (~72,000) to over $24M in unrealized profits.
BOME's popularity has also resulted in multiple listings by top CEXs such as Bybit and, more notably, Binance, making it the fastest memecoin to be listed on the exchange since its initial creation.
No doubt, the success of BOME quickly inspired many memecoins to be launched on Solana using the presale method, and crypto degens were quick to jump on the trend.
In fact, over the past three days, new meme coin projects have raised over $100M worth of funds through presales, with some of them turning out well for their participants.
SNAP, a crocodile-themed meme coin, raised over $10M in the span of just a few hours and was launched at a market cap of $70M.
However, scammers have also been quick to capitalize on the recent mania, with new projects impersonating popular crypto influencers and rug-pulling for over $2.6M.
Editor's Take:
While the story of BOME is clearly a shining example of the kind of craziness that can happen in crypto, it's one of those rare exceptions and should not be construed as the norm. In fact, with how often rug-pulls and scams occur in the crypto space, you're more likely to lose your money by sending your funds to a random wallet address.
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