Solana presales top $149M as meme coin frenzy takes off

  • ZachXBT’s report reveals that since March 12, solana token presales amassed nearly $149.2 million, with influencers and major accounts raising over 796,000 solana for meme coin ventures.
  • The acquisition of over 796,000 SOL by influencers for meme coin projects spurred a trend known as “aping into coins,” driving users to also purchase solana.
  • Consequently, solana experienced a substantial surge, exceeding 25% in value within the past week and briefly reaching over $200 according to CoinMarketCap. However, it currently trades around $176, marking a 32% decrease from its November 2021 peak of about $260.

ZachXBT reports that since March 12, when the altcoin world was gripped by a meme coin frenzy, presales of solana tokens had made almost $149.2 million. More than 796,000 solana were raised for meme coin cryptocurrencies by influencers and big accounts.

ZachXBT’s report on solana

ZachXBT, an anonymous user renowned for uncovering frauds, hacks, and unethical behavior within the cryptocurrency industry, has garnered widespread recognition.

Based on ZachXBT’s report, influencers acquired over 796,000 solana for meme coin projects. This trend incentivised users to purchase solana as well, a phenomenon colloquially referred to as “aping into coins.”

Also read: Unauthorised GameStop Memes attracts $4M, but investors left hanging

Consequently, solana experienced significant growth, exceeding 25% in the past week and briefly surpassing $200 according to CoinMarketCap.

However, the current trading value hovers around $176, which is approximately 32% lower than its peak in November 2021, at around $260.

Also read: Bitcoin surges to all-time high, fuels altcoin recovery

Animal-themed memecoin flood the crypto market

Since the release of Dogecoin in 2013, meme coins have been a part of the cryptocurrency world.

The market has been inundated with several digital tokens featuring animal themes. With the popularity of Dogwifhat, a solana-based memecoin, solana specifically saw a resurgence of this trend.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, an intern reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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