According to CoinDesk: The allure of swift profits has seen an estimated over $100 million worth of tokens being channeled into Solana meme coin presales over a 72-hour period. The presale trend, which primarily revolves around the Solana blockchain, permits projects to secure millions of dollars through straightforward posts on platform X, even if a tangible product isn't operational.

Fueled by the success of Book of Meme (BOME), the presale frenzy transformed minor investments into colossal paper gains for early investors but also raised concerns over the high risk these presales potentially carry.

On platform X, a typical presale invite carries directions to contribute Solana's SOL token to a mentioned contract address, with a minimum participation generally set at 0.5 SOL.

Presale trend gained momentum after the Book of Meme's impressive performance that allowed initial investors to inflate a few hundred dollars to hundreds of thousands in days. The token's market cap soared from nothing to $1.6 billion rapidly, achieving daily trading volumes exceeding $100 million. This success has spurred other developers to offer their presales.

However, reputed Ethereum investor @sassal0x cautioned against the tendency to invest in meme coin presales. As these ventures have a high probability (99.9%) of "rugging," putting money into such presales is being labeled as recklessly foolish.

This influx into pre-sales has also amplified the price of Solana's SOL tokens. The SOL price crossed the $200 mark for the first time since November 2021 amid escalating network activity.

The success of these presales has led to warnings from the crypto community indicating a peak in "degeneracy," with meme coin founders accumulating millions in terms of SOL tokens within just 72 hours. The presale model is under scrutiny for its possibility to be used by fraudsters and scam artists. Experts urge investors to exercise caution while participating in such ventures.