The hot trends of BOME and POGAI on the Solana chain have led to the emergence of multiple meme projects for crowdfunding. KOLs collectively warn: not every project is BOME, caution must be taken regarding risks.
(Previous summary:
Solana rises above $180, DEX trading volume surpasses Ethereum for 4 consecutive months! Six potential airdrop projects reviewed.
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(Background information:
Solana meme coin POGAI surges by 2283.5%, humorously riding on “Nvidia Developer Program”.
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Recently, the rising price of Solana and the strong development momentum of its ecosystem have been driven by the popularity of meme coins BOME and POGAI on the chain. It is worth mentioning that BOME has become the fastest meme coin to be listed on Binance, completing contract and spot trading in just three days.
Is it too easy for SOL chain startups?
Looking back on March 13th, Darkfarms launched the presale of BOME, in which participants could participate by sending SOL to a designated Solana address. The presale did not have a fixed price, and all participants would be allocated tokens according to 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, so 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 fundraising of $1.85 million. Subsequently, many meme projects followed the same method of presale, imitating BOME.
Among them, POGAI, a popular Chinese meme coin last year, also announced the presale on Solana and obtained 10,000 SOL within a few hours. Compared to traditional financing methods, this fundraising method can be considered very fast.
However, not every meme coin on the SOL chain can continue the upward trend like BOME. Yesterday (17th), a new meme coin called SORRY successfully raised about 13,000 SOL. When it opened, the issuer also added all the raised SOL to the liquidity pool, but unexpectedly led to asymmetry between market liquidity and fixed value distribution (FVD), resulting in investors who participated in the private sale suffering losses of up to 50%…
KOLs collectively warn: not every project is BOME
Facing the frenzy of meme coins on the Solana chain, KOL @BTCdayu made a statement, explicitly 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 there will never be another case like BOME.
BTCdayu shared his own opinion, particularly warning to pay extra attention to projects that adopt the “lock the pool” strategy, as behind this strategy, there may be the issuer locking funds in the liquidity pool to artificially control the token price. Furthermore, it may also hide the risk of sudden dumping by the project team (i.e., “rat selling”).
KOLs who issued warnings are not limited to just one person. @BTW0205 also reminded investors that there will be more projects raising hundreds of thousands of SOL on the market, but caution must be exercised to avoid blind investment. He emphasized the importance of “risk assessment” and “background investigation” in distinguishing which projects are worth investing in and which are imitation or potential “harvesting machines”. He reminded investors to remain vigilant and not easily lose the hard-earned SOL.
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