Solana memecoin projects have raised more than $100 million by way of a controversial fundraising model known as “presales” in the last three days.
The crypto community has started to warn of “peak degeneracy,” with memecoin founders raking in millions worth of Solana’s SOL (SOL) through token presales in the last 72 hours alone.
At the time of publication, crypto traders have sent around $100 million worth of SOL in an attempt to buy into new Solana memecoins in the last 72 hours, per aggregated data viewed by Cointelegraph and cited by crypto researcher 0xGumshoe.
These tokens have been raising money for unreleased coins by way of a controversial presale model, most notably including Book of Meme (BOME), Nap (NAP), Nostalgia (NOS) and many others.
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Source: https://cointelegraph.com/news/solana-memecoin-presales-hit-peak-degeneracy-over-one-hundred-million