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Presale Fails, Is the MEME Craze Coming to an End?

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Post time 28-3-2024 21:09:17 | Show all posts |Read mode
On March 15th, according to data disclosed by its creator, Darkfarms, BOME raised a total of 10,131 SOL in just two days. This meme coin, which was sold in a presale, surged 20 times in value on the day it was listed, reaching a market capitalization of over 80 million US dollars within just three hours.

In the afternoon of the same day, Darkfarms added all the raised SOL to the LP pool, with an initial price of 0.03496 USDT. Subsequently, the token began to spread widely in both Chinese and English communities. Due to its deep liquidity, it attracted a large amount of capital, with many buy orders exceeding 100 SOL continuously driving its price upwards. Within a day, it skyrocketed to 0.0012 USDT, approximately 24 times its initial value, with a market capitalization exceeding 80 million US dollars.

MEME's presale led to a frenzy, signaling an "ICO revival" for a day. BOME's presale involved a total of 690,000,0420 tokens, with 50% allocated for presale. Initially, the token had no fixed price, and all presale tokens were distributed proportionally based on contributions. Subsequently, liquidity pools were created with a price multiplier of 1.5 times the initial price of each BOME token, resulting in 1 or 2 liquidity pools. Although BOME was not the first in meme presales, its success undoubtedly ignited a presale craze.

The once popular "Chinese Dog Coin" POGAI began to mimic presale models, with its 24-hour presale reaching its cap within a few hours and expected to open for trading at 5:00 PM. Following suit, various meme projects such as KANG, Byte, MOOLANA, and PXP launched presales.

Clearly, after BOME, many "veterans" in the cryptocurrency community were restless, eager to "re-employ" themselves through similar presale methods. Among them, Bakery's first Meme token IQ50, derived from the well-known "IQ50" self-deprecating meme culture in the crypto community, was airdropped to 150,000 addresses, with a 15-fold increase at the opening. However, after reaching its peak, the price of IQ50 quickly fell back, leaving behind a pyramid-shaped candlestick chart.

On March 15th, Defina suddenly announced the presale of a new meme coin, SOLO, on social media platforms. During the presale, Defina even announced the dissolution of its old team. Comments from several community members below the presale tweet suggested it was a scam, all of which were denied by the Defina official account, turning into a farce. Eventually, after reaching a high during the opening, the price of SOLO quickly plummeted, approaching a "zero return" trajectory.

On March 17th, COCO NFT founder @SnappyCocos initiated the presale of the meme project snap (NAP). NAP surged by as much as 760% at the opening, with trading volume surpassing 400 million US dollars within two hours. On the same day, the sharp rise in NAP once again triggered a "bloodsucking trend," such as the meme coin LIKE (full name "I Like The Coin") released by NFT whale Pokee. Originally highly anticipated by the community, the timing of its release coincided with NAP's, resulting in a continuous reduction in liquidity within its trading pair, and its price plummeted towards "zero." However, by 5 PM on the same day, NAP failed to break its previous high after the decline, and its price continued to decline, prompting participants in the community to ask, "Is the meme season over?"

Of course, "payment presales" are still a fresh approach, and some meme projects are still favored by the community. For example, the sloth meme slerf surged after its launch, breaking through $0.28 at the time of writing, with a half-hour increase of 142.01%.

Public chains are also following suit, accelerating the transformation of MEME into epitaphs? Some memes have yet to catch up with the trend of "payment presales," and the "cross-chain presale" model is gaining popularity on the Ethereum network. On March 17th, Derivatives Monke, a platform focusing on Syncus Fi and ZKasino, announced the start of its presale. Participants could send Ethereum to specified addresses via bridging, with the team promising that all funds could be bridged back at a 1:1 ratio within 30 days, with 25% of tokens being airdropped in this manner. Subsequently, it was detected that 0xSun had deposited 30 Ethereum worth $108,000 into the Derivatives Monke L2 bridging address.

Other public chains have also begun to imitate the "payment presale" meme, opening up a new world for the "public chain competition." On March 16th, Fenture AI, an AI DeFi asset management platform on Sui and Aptos, singled out "cannot lose to Solana and AptosLaunch" and initiated the meme coin DRATINI presale. Users needed to send at least 50 Sui to specified addresses to participate in the presale. Subsequently, on March 17th, AptosLaunch also initiated the meme coin LME presale.

In addition to Sui and Apt, Avalanche also announced a 24-hour meme presale on March 17th. Participants needed to send at least one AVAX, and only two hours later, the presale wallet had collected over 70,000 AVAX.

Since participation in presales requires users to send a certain number of tokens to specified addresses, there is a chance of encountering fraudulent projects. Earlier, community members pointed out that @0xnibba's account was taken over by scammers, who then posted information about a meme coin presale. Subsequently, blockchain detective ZachXBT monitored @0xnibba raising $90,000 during the presale period and performing a rug pull. Currently, @0xnibba's account has been deactivated.

With numerous meme projects and significant price fluctuations, BlockBeats reminds readers to invest cautiously and beware of risks.
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Post time 28-3-2024 21:40:35 | Show all posts
With so many wallets available, it's really not easy to decide which one to choose.
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Post time 28-3-2024 21:40:38 | Show all posts
USDT is quite good, it works well for me.
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