Doggone Riches? Meme Coin Mania Strikes Again as Pre-Sale Rakes in $40 Million on Solana
The "meme coin pre-sale craze" shows no signs of slowing down, with the latest project, BOBAOPPA, pulling in a whopping $40 million on the Solana blockchain in under 24 hours. This dog-themed meme coin, spearheaded by Jeffrey Huang (known online as Bobaoppa), offered pre-sale access through a single Solana wallet address, requiring a minimum investment of 1 SOL.
However, a cloud of controversy hangs over the project. Huang, also known as Machi Big Brother, has faced accusations of promoting risky DeFi projects that ultimately hurt investors. A lawsuit against him by a blockchain investigator was dropped last year, but the concerns linger.
This pre-sale model, where investors send funds directly to a wallet instead of a secure smart contract, is inherently risky. Its popularity stems from a previous success story - the "Book of Meme" token - which raised $100 million in SOL and skyrocketed 5,000% in just three days.
The high-risk, high-reward nature of meme coins continues to entice investors, despite the potential for rug pulls (where developers abandon the project after taking funds). Only time will tell if BOBAOPPA follows the path of its predecessor or joins the ever-growing graveyard of failed meme coins.