"Pre-sale flop," is the hype around MEME coming to an end?

Written by: Luccy

Source: BlockBeats

This weekend, with BOME launching on Binance, the price of BOME surged to a high of $0.028. Subsequently, early holders took profits, reaping hundreds of times their investment, and the price of BOME began to decline. According to birdeye data, as of the time of writing, the price of BOME is $0.016.

On March 15, according to data disclosed by its creator Darkfarms, BOME raised a total of 10,131 SOL in just two days. This meme coin, which adopted a presale issuance model, saw its price increase 20 times within just three hours of launching, with a market cap exceeding $80 million.

That afternoon, Darkfarms added all the raised SOL into the LP pool, with an initial price of $0.0{3}496 USDT. The token then began to spread widely in the Chinese and English communities. Due to its high liquidity, which could accommodate a large influx of funds, numerous buy orders exceeding 100 SOL continuously poured in, driving its price to briefly break $0.0012 USDT within a day, increasing approximately 24 times, with a market cap exceeding $80 million.

MEME Payment Presale, "ICO Revival" Just Lasted a Day?

The presale rules for BOME were set at 69000000420 coins, with 50% allocated for presale. Initially, there was no exact price for the tokens, and all presale tokens would be distributed based on the contribution ratio. Subsequently, 1 or 2 liquidity pools would be created based on the price of each BOME multiplied by 1.5. Although BOME is not the first meme presale, its success undoubtedly ignited a presale frenzy.

The once-popular "Chinese Dogecoin" POGAI began to imitate the presale model, and its limited-time 24-hour presale reached its funding cap within just a few hours. It is currently expected to complete the refund and open trading at 5 PM. Following this, various meme projects such as KANG, Byte, MOOLANA, and PXP began their own presales.

Clearly, after BOME, many "old artists" in the crypto circle couldn't sit still and wanted to achieve "reemployment" through similar presale methods. Among them, Bakery's first Meme token IQ50, which derives its name from the well-known "IQ50" self-deprecating meme culture in the crypto community, airdropped to 150,000 addresses, saw a price increase of 15 times at launch, but after reaching its peak, the price of IQ50 quickly fell, leaving a pyramid-shaped K-line.

On March 15, Defina suddenly announced the presale of a new meme coin SOLO on social media platforms. During the presale, Defina even announced the dissolution of the old team. Under the presale tweet, several community members commented that this presale was a scam, all of which were denied by Defina's official replies, turning it into a farce. Ultimately, the price of SOLO quickly plummeted after a brief surge at launch, heading towards "zero."

On March 17, COCO NFT founder @SnappyCocos launched the meme project snap (NAP) presale, which saw a staggering 760% increase at launch, with trading volume surpassing $400 million within two hours. That day, the significant rise of NAP once again triggered a "vampire market," such as the meme coin LIKE (full name "I Like The Coin") released by NFT whale Pokee, which was originally favored by the community but coincided with the launch of NAP, causing its liquidity to continuously shrink, and the price headed towards "zero." However, by 5 PM that day, after a decline, NAP was unable to break through its previous high, and the price continued to drop, prompting community participants to ask, "Is the meme season over?"

Of course, "payment presale" is still a fresh play, and it cannot be ruled out that some meme projects are still favored by the community. For example, the sloth meme slerf surged after its launch, breaking $0.28 as of the time of writing, with a half-hour increase of 142.01%.

Public Chains Imitate, MEME Accelerates to Become Inscriptions?

Some memes have not yet caught up with the "payment presale" trend, and the "cross-chain presale" model has begun to gain popularity on the Ethereum network. On March 17, the platform Derivatives Monke, focused on Syncus Fi and ZKasino, announced the start of a presale, where participants could send Ethereum to a designated address via bridging. The team promised that all funds could be bridged back at a 1:1 ratio within 30 days, and 25% of the tokens would be airdropped in this manner. Subsequently, it was detected that 0xSun bridged 30 Ethereum to the Derivatives Monke L2 bridge address, worth $108,000.

Other public chains have also begun to compete to imitate the "payment presale" meme, which can be said to have opened a new world for the "public chain competition." On March 16, AI DeFi asset management Fenture AI on Sui and Aptos called out "we cannot lose to Solana and AptosLaunch," and launched the meme coin DRATINI presale, requiring users to send at least 50 SUI to a designated address to participate in the presale. Subsequently, on March 17, AptosLaunch also started the meme coin LME presale.

In addition to Sui and Apt, Avalanche also announced on March 17 the start of a 24-hour Meme presale, requiring participants to send at least one AVAX. Just two hours later, the presale wallet had collected over 70,000 AVAX.

Since participating in the presale requires users to send a certain amount of tokens to a designated address, there is a certain risk of encountering scam projects. Previously, community members pointed out that the account of @0xnibba was taken over by scammers, who posted information about a certain meme coin presale. Subsequently, on-chain detective ZachXBT detected that @0xnibba raised $90,000 during the presale and rug pulled; currently, @0xnibba's account has been deactivated.

With numerous meme projects and significant price fluctuations, readers should invest cautiously and be aware of the risks.