The hot trend of meme coins BOME and POGAI on the Solana chain has led to the emergence of several meme fundraising projects. KOLs collectively warn: not all of them are BOME, and risks must be taken into account.
(Previous summary:
Solana breaks $180, DEX trading volume surpasses Ethereum for 4 consecutive months! Inventory of six potential airdrop projects.)
(Background information:
Solana meme coin $POGAI skyrockets by 2283.5%, humorously rides on “Nvidia Developer Program.”)
Recently, the rising price of Solana and the strong development momentum of its ecosystem, as well as the explosive trading volume on the chain, can be attributed to the popularity of the meme coins BOME and POGAI on Solana. It is worth mentioning that BOME has become the fastest meme coin to be listed on Binance, completing the contract and spot trading in just three days.
Is the SOL chain a piece of cake for dogecoin startups?
Looking back on March 13th, Darkfarms launched the presale of BOME, and participants could participate by sending SOL to the specified Solana address. The presale did not have a fixed price, and all participants were allocated tokens based on the proportion of SOL they donated.
It is worth noting that the progress of the presale far exceeded Darkfarms’ expectations. The original fundraising expectation was only 500-600 SOL. Therefore, they opened a community vote to let participants decide how to allocate the presale funds. In the end, a total of 10,131 SOL was raised, equivalent to an easy $1.85 million. Following this, many meme projects imitated BOME and conducted presales using the same method.
Among them, POGAI, a Chinese meme coin that was popular last year, also announced the presale on Solana and received 10,000 SOL within a few hours. Compared to traditional financing methods, this fundraising method can be said to be very fast.
However, not every meme coin on the SOL chain can sustain its momentum like BOME. Yesterday (17th), a new meme coin called SORRY also successfully raised about 13,000 SOL. When it opened, the issuing party also added all the raised SOL to the liquidity pool, but unexpectedly caused an asymmetry between market liquidity and fixed value deviation (FVD), resulting in investors who participated in the private placement suffering losses of up to 50%…
KOLs collectively warn: not all of them are BOME
Facing the frenzy of meme coins on the Solana chain, KOL @BTCdayu made a statement, stating that from now on, he will not participate in any projects or meme coins that require investment. Although there may be some good opportunities in these projects, he believes that cases like BOME will not happen again.
BTCdayu shares his own views
He specifically warned to pay extra attention to projects that use “pool locking” methods, as this strategy may involve the issuer locking funds in the liquidity pool to artificially control the token price. Furthermore, it may also hide the risk of the project suddenly dumping (i.e. “rat dumping”).
KOL @BTW0205, who also came out to warn, reminded investors that more and more projects raising hundreds of thousands of SOL will appear in the market, but they must be careful not to blindly invest. He emphasized the importance of “risk assessment” and “background investigation” in distinguishing which projects are worth investing in and which ones are imitations or potential “harvesters.” He reminded investors to stay vigilant and not easily lose their hard-earned SOL.
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