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Meme coin pre-sale raises over $40 million on Solana in less than 24 hours

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Meme coin pre-sale raises over $40 million on Solana in less than 24 hours

A Solana (SOL) address received over $40 million within 24 hours in the latest episode of the ‘meme coin pre-sale mania.’ A user on X who goes by Bobaoppa published the wallet address for investors interested in joining the pre-sale of the dog-themed meme coin BOBAOPPA, with a 1 SOL minimum investment.

The dog used to illustrate and promote the meme coin is the pet of Jeffrey Huang, who is also the person behind the pre-sale. The crypto community better knows Huang as Machi Big Brother, a controversial figure in crypto accused of allegedly promoting decentralized finance (DeFi) projects for his benefit, with most of these applications ending in losses for its investors.

These allegations escalated after the blockchain sleuth who identifies himself as ZachXBT published an article titled “A Story of Machi Big Brother”, where he addresses different projects where Huang allegedly took advantage of investors.

This article prompted a defamation lawsuit by Huang against ZachXBT in June 2023, which was dropped in August of the same year after the blockchain sleuth agreed to change part of the article’s content.

As previously reported by Crypto Briefing, the meme coin pre-sale investment model became popular recently with $150 million in SOL being raised in less than a week. It consists of investors depositing funds to someone’s wallet, instead of a smart contract, and hoping to get a meme coin in exchange.

This risky type of investment became popular after its first instance in 2024, the ‘Book of Meme’ token, amassed $100 million in SOL and soared 5,000% in 72 hours. Since then, a few other crypto-known figures tried to replicate this pre-sale model.