Solana Meme Coin Presales Raise Over $100 Million in 3 Days, Sparking Concerns

In a surge of what some have dubbed "peak degeneracy," meme coin presales on the Solana blockchain have collectively raised over $100 million in just three days, drawing concerns from within the crypto community. Projects like Book of Meme (BOME), Nap (NAP), and Nostalgia (NOS) have leveraged this controversial fundraising method, with investors pouring significant sums into unreleased coins through presales. The frenzy began with the launch of Book of Meme on March 14, which saw an astronomical rise in value, reaching a peak market capitalization of $1.45 billion within 56 hours. Investors, including early backers, have witnessed remarkable returns, with one individual reportedly turning a $72,000 investment into $32 million in less than three days. However, critics caution against the risks associated with presales, highlighting the prevalence of scams and fraudulent schemes in the space. Ethereum educator Anthony Sassano criticised the model, warning investors against blindly sending funds to presale addresses. The phenomenon has garnered attention beyond crypto circles, with entrepreneurs like David Sacks and Elon Musk contributing to the hype surrounding meme coins.