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Most of the over $40 million raised was kept by the man behind the project, with the funds left in staking.
A meme coin pre-sale on Solana (SOL) had a bad outcome for investors this weekend. After raising over $40 million in SOL to deploy its BOBAOPPA token, the notorious figure Machi Big Brother staked around 170,000 SOL and allocated just 50,000 SOL to the meme coin liquidity pool.
As a result, the BOBAOPPA price quickly crashed by almost 50% and sits at a 40% loss at the time of writing. The crypto community went to X to vent their frustrations about the price crash and, more importantly, that Machi Big Brother kept most of the funds raised in the pre-sale.
One thing that's impressive about @machibigbrother, is that he was able to recreate the BAYC 3yr Chart in 1day with @bobaoppa
Happy I only lost 25%. And of course it goes without saying that I will never support anything he does for the rest of his existence pic.twitter.com/LAoDElxeFU
— Shay (@Tankers01) March 31, 2024
The ‘meme coin pre-sale mania’ became popular on Solana’s blockchain, and consists of investors with an appetite for risk sending funds to someone’s wallet with the promise of receiving a proportional amount of a soon-to-launch meme coin.
deposited 200 SOL, now half gone.@bobaoppa @machibigbrother pic.twitter.com/4dKCWqSycm
— HolySmonkey (@bayc1871) March 31, 2024
On top of the risk of not receiving any token back, there’s the technical risk of token delivery, which is generally made by airdrop. The problem is that the airdrops happen after the token’s liquidity pool opens, and investors who receive their meme coins later might not profit from the pre-sale.
Sent 2 SOL for $BOBAOPPA Presale, sold for 1.2 SOL.
40% loss in 2 days.
I wonder who's exit liquidity I was…
— Davidson (@nftDavidson) March 30, 2024
Some investors still bet that Machi Big Brother will use the funds from staking SOL to buy BOBAOPPA and raise the price for those who hold the meme coin. However, this might be a dose of what the crypto community calls ‘copium.’
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