According to PANews, the cryptocurrency market is witnessing millions of dollars being raised in token presales without the need for working products, whitepapers, long-term plans, or even meme images. A simple post announcing a so-called presale on platform X can attract millions to tens of millions of dollars in SOL tokens.

Ethereum investor @sassal0x stated in a post on platform X, 'Two years later, everyone is back to Ponzi bidding, people can do whatever they want with their money, but investing in a 'meme coin presale' with a 99.9% chance of failure is actually stupid.' The success of meme coin BOME has led to a surge in project token presales. After BOME launched its presale last week, early investors turned hundreds of dollars into hundreds of thousands of dollars in book profits within days. BOME's price action has led other opportunistic developers to start presales as well.

A large number of posts on platform X come from KOLs (accounts with a large number of followers) who are trying to raise funds in exchange for token promises that may be distributed to supporters later. For example, one project reportedly raised $30 million in just 30 minutes for an artificial intelligence-driven application.

Data from Birdeye shows that since BOME, multiple presale tokens issued have seen trading volumes exceeding millions of dollars in the past 24 hours, with market values reaching up to $600 million.