Solana's "startup meme coin frenzy" sparked by BOME

Janak9955

Recently, the craze for meme coins like BOME and POGAI within the Solana ecosystem has led to a series of on-chain fundraising projects emerging. However, don't get too excited too soon! Key Opinion Leaders (KOLs) collectively issued a warning: not all projects are like BOME, and investors must be aware of the risks involved.

The surge in Solana coin prices and the strong development of the ecosystem have fueled this trend, with the popularity of BOME and POGAI further boosting on-chain transaction volumes. Especially with BOME, it successfully completed contract and spot trading listings within just three days, becoming one of the fastest meme coins to list on Binance to date.

Looking back to March 13th, Darkfarms initiated the pre-sale of BOME, where participants only needed to send SOL to the specified Solana address to participate. There was no fixed price for this pre-sale; all participants would receive tokens based on the proportion of SOL they contributed. Of note, the progress of the pre-sale far exceeded Darkfarms' expectations. The initial fundraising target was only 500-600 SOL, but ultimately, they initiated a community vote for participants to decide how to allocate the pre-sale funds. As a result, they raised a total of 10,131 SOL, equivalent to a staggering $1.85 million.

Subsequently, this success story prompted many other meme projects to emulate BOME's method of conducting pre-sales. Among them, last year's highly anticipated Chinese meme coin POGAI also announced the start of its pre-sale on Solana, raising 10,000 SOL in just a few hours. Compared to traditional fundraising methods, this fundraising approach can be considered extremely rapid.

However, it's uncertain whether meme coins on Solana will sustain momentum like BOME. In a recent case, the meme coin SORRY attracted approximately 13,000 SOL during its fundraising stage, but subsequently led to an asymmetry between market liquidity and fixed value, resulting in some private investors who participated in the pre-sale suffering losses of up to 50%.

Faced with the frenzy of meme coins on Solana, some KOLs have spoken out, warning investors to act cautiously. Among them, @BTCdayu explicitly stated that he would no longer participate in any projects or meme coins that require capital investment. While he acknowledged that there are some good opportunities in such projects, he believes that cases like BOME will not happen again. He specifically warns investors to beware of projects that use "liquidity locking" tactics, as this may involve the issuer locking funds in liquidity pools to artificially control the coin price, which in simple terms, may conceal the risk of the project suddenly dumping tokens (i.e., "rug-pulling").

Shri333

It's still good to keep up with information.

Ritu13

You still need to control yourself.