Title: Felix, PANews

Recently, the hottest topic in the cryptocurrency field is undoubtedly the meme coin frenzy in the Solana ecosystem, which not only created a new batch of wealth myths but also contributed to the prosperity of the Solana network. According to data compiled by crypto researcher 0xGumshoe, the value of SOL sent to meme coin presales on Solana in the past 72 hours exceeded $100 million.

In addition, Google's relative search interest in the Solana network has reached its peak. Last week, the search popularity of the word "Solana" on Google Trends reached 100, setting a historical record for the word in the past 5 years, surpassing its previous high of 84 in early September 2021.

Meme Coins, Led by BOME, Spark Speculative Frenzy

As Solana becomes the preferred venue for speculative cryptocurrencies, meme coin trading has seen an unprecedented surge, with the most well-known ones including Meme (BOME), Nap (Nap), Nostalgia (NOS), and others.

Anonymous investor Nick wrote in a post on X, "Invested $180,000 and $90,000 in meme coins, and the market is still in a frenzy, it's really crazy," along with an undisclosed screenshot of a large meme coin purchase.

When a meme coin named Book of Meme was launched using a controversial crowdfunding model, the meme coin presale frenzy began to heat up.

BOME, launched on March 14 by anonymous artist Darkfarms1, initially valued at around $4 million, surged by 36,000% in less than 56 hours, reaching a peak market value of $1.45 billion.

According to Lookonchain monitoring, an early investor Sundayfunday.sol (a private friend of the BOME creator) turned an initial investment of 420.69 SOL (valued at $72,000 at the time) into $32 million in less than three days.

In addition, an artist using the pseudonym Kero conducted a poll on X among fans, asking whether tokens should be issued on Solana to commemorate joining the network, which initiated the presale. After receiving 5,000 votes, Kero started the presale by releasing a wallet address, quickly accumulating funds, ultimately receiving nearly 55,000 SOL, equivalent to approximately $10.66 million at the current price. Kero later publicly admitted that when they initially conducted the poll among fans on X, they didn't know what to do.

Meanwhile, the frenzy around meme coins has extended beyond the cryptocurrency field to traditional industries.

Entrepreneur David Sacks, known for co-hosting the All In podcast, witnessed dramatic events surrounding his meme coin, with reports indicating that a lucky user profited about $39,000 from it.

Anonymous X user DeFiRabbitHole stated that when David Sacks first started releasing his meme coin on X, it was expected that another All In meme coin would also appreciate.

Therefore, when Musk tweeted to All In podcast host Jason Calacanis, "Okay, I'll buy your coin," the affiliated JASON token soared, turning an initial investment of 1 SOL into 200 SOL.

Meme Coin Frenzy Pushes Solana On-Chain Transaction Volume and Fees to New Highs

The popularity of meme coin trading and Solana speculation has pushed the on-chain transaction volume (measured in USD) on March 15 to a historical high.

According to DefiLlama data, Solana's transaction volume exceeded $3.79 billion on last Friday (March 15). The previous historical high transaction volume was $2.85 billion. On Saturday (March 16), it approached the historical high of Friday, reaching $3.48 billion. The transaction volume on Sunday (March 17) was $3.085 billion.

In other indicators, the 7-day moving average of active addresses on the Solana network continues to rise. The Block's data shows that there were approximately 1.4 million active addresses on March 17, the highest level since around June 2022.

At the same time, the 7-day moving average of new addresses on the Solana network continues to skyrocket to a historical high in a parabolic manner. According to The Block's data, the number of new addresses on March 17 was approximately 1.06 million.

The total fees on the Solana network also reached a historical high. According to The Block's data, the total transaction fees paid on Solana on March 17 reached $4.17 million, approximately 21,830 SOL.

Presale Model Becomes a Controversial "Breeding Ground" for Fraud

Emerging meme coins have been raising funds for unreleased tokens through controversial presale models. "Presale" refers to crypto investors sending tokens to a presale wallet address and receiving weighted allocations of tokens when the new tokens go live. Because it cannot be guaranteed that investors will receive tokens, presales have become a rampant mode of fund theft.

Ethereum educator Anthony Sassano fiercely criticized the presale model, stating that anyone who sends money to a random wallet address in order to receive tokens is "stupid."

"Two years later, everyone is back to Ponzi schemes. People can do whatever they want with their money, but sending money to a meme coin presale that has a 99.9% chance of running away is extremely stupid."

Despite the saying "the bigger the storm, the more expensive the fish," it is worth mentioning that opportunities and risks coexist, so DYOR.

References: Cointelegraph, The Block

Related Reading: The Birth of Meme Coin Wealth: Deconstructing BTC and Bome's Rise

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