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Solana meme coin pre-sale leads to a fiasco for buyers

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A meme coin pre-sale on Solana (SOL) had a foul consequence for buyers this weekend. After elevating over $40 million in SOL to deploy its BOBAOPPA token, the infamous determine Machi Huge Brother staked round 170,000 SOL and allotted simply 50,000 SOL to the meme coin liquidity pool.

Because of this, the BOBAOPPA worth rapidly crashed by virtually 50% and sits at a 40% loss on the time of writing. The crypto neighborhood went to X to vent their frustrations concerning the worth crash and, extra importantly, that Machi Huge Brother stored many of the funds raised within the pre-sale.

The ‘meme coin pre-sale mania’ grew to become standard on Solana’s blockchain, and consists of buyers with an urge for food for danger sending funds to somebody’s pockets with the promise of receiving a proportional quantity of a soon-to-launch meme coin.

On prime of the chance of not receiving any token again, there’s the technical danger of token supply, which is mostly made by airdrop. The issue is that the airdrops occur after the token’s liquidity pool opens, and buyers who obtain their meme cash later may not revenue from the pre-sale.

Some buyers nonetheless wager that Machi Huge Brother will use the funds from staking SOL to purchase BOBAOPPA and lift the worth for individuals who maintain the meme coin. Nevertheless, this is perhaps a dose of what the crypto neighborhood calls ‘copium.’

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