Author: Luke, Mars Finance

In the crypto circle on February 18, 2025, the name $PAIN still echoed in retail investors' chat groups, but beneath the excitement lay a hint of unease. Ever since the project team announced a refund of 80% of the presale funds on February 6, this meme coin on the Solana chain seemed to have pressed the "mute" button, remaining silent for a full 12 days. Investors on X were in an uproar: "After raising 185,000 SOL, they went silent. Are they about to run away?" "I've already lost 20% on my SOL investment in $PAIN; if it doesn't double soon, I won't even get my principal back!" The community's anxiety buzzed like mosquitoes in summer, with no place to find solace. This article explores what really happened behind this "pain."

A Painful Yet Joyful Presale Celebration

The story of $PAIN begins with "Hide the Pain Harold." This legendary figure in the meme world, whose real name is András Arató, was originally a retired engineer from Hungary. In 2011, he inadvertently took a series of vacation photos, and for some reason, this "smiling through the pain" expression went viral online, becoming a global meme for mocking life. By February 2, 2025, Memeland—a crypto team dedicated to meme culture—brought this IP to the Solana chain and launched $PAIN. As a result, they raised 186,000 SOL (approximately $38 million to $40 million) within 48 hours, setting a new presale record for meme coins. It was as if you were selling Harold's pained smile meme on the street, and suddenly fans from around the world flocked to your stall, turning it into a traffic black hole.

However, the story took a sharp turn. Just after the presale ended, the project team announced a refund of 80% of the funds, leaving only about $7.6 million to start the project. The official explanation was that this was to alleviate the burden on the community, but to retail investors, this reasoning sounded a bit like an excuse of "taking leftovers after a full meal." The refunded SOL significantly depreciated due to market fluctuations, and although the remaining funds far exceeded the typical startup needs for a meme coin, the community began to question: was this truly a goodwill gesture, or was there another agenda? Worse still, after the refund announcement, the official account remained silent, with not even a notification of "refund received." Users on X angrily stated, "$PAIN has been silent for 12 days since the presale ended; it's simply 'pain on pain'!"

Can Memeland Save the Day: Strong Backing, but Worrisome Timing

Memeland, the team behind $PAIN, is no small player. Recently, this team acquired the Hong Kong-listed company Memestrategy for $18 million and plans to unveil a significant roadmap at their strategic annual meeting on February 20. KOLs on X have leaked that "Memeland may announce the launch plan for $PAIN at the annual meeting to revive this stagnant situation." Not to mention, $PAIN has also registered a Web2 trademark, indicating that their ambitions are clearly not just for a fleeting meme coin, but to create a meme brand that spans both Web2 and Web3. It's like dressing Harold in a suit, transforming him from a street performer of memes into a cultural IP entrepreneur.

However, the key to saving the day lies in execution. Memeland has resources, traffic, and even rumors of partnerships with major exchanges like Binance (after all, Memeland's MEME token has already been listed on Binance), but the 12-day "silent period" of $PAIN has left many anxious. The community speculates that either the project team is negotiating the token distribution plan with exchanges—since the original plan (20% for presale, more for NFT holders) was deemed likely to crash the market—or they are simply waiting for the market conditions to improve before proceeding. The problem is that meme coins rely on enthusiasm and momentum; the longer the delay, the more retail investors' excitement cools off like leftover food in the fridge. If Memeland can indeed unveil a major announcement on the 20th, such as a launch timeline or brand collaboration, it might just pull $PAIN back from the brink of "painful loss of confidence."

However, there are also successful precedents—like the recent $CULT, which halted for six months but ultimately saw a price increase of around 5 times. If Memeland can provide a clear launch timeline or brand collaboration plan at the annual meeting on February 20, it might bring a similar miracle for $PAIN.

Conclusion

$PAIN now resembles Harold's classic pained smile: calm on the surface, but with turbulent undercurrents. It could be a dark horse in the meme coin bull market, given its foundation in meme culture and the backing of Memeland, with a market cap of $1 billion not being a far-fetched dream. But let's not forget, this "painful" adventure could flip at any moment—12 days of silence have already raised doubts among retail investors, and fake tokens and scam links are rampant on X (the official account has warned that the presale is over, and not to throw more money in). My advice? Hold onto your wallets tightly and wait for the news from Memeland's annual meeting on February 20. If there is indeed a positive turn, this "pain" might transform into "joy"; if it remains silent, it could truly be "pain without a show." The crypto world is never short of drama; are you willing to bet on the next act of $PAIN?

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