Unnamed pre-sale address amasses $33 million SOL in an hour

An early presale address for an unnamed, AI-focused project on Solana has raised over $33 million worth of SOL tokens in less than an hour.

The presale details for the undisclosed AI project were shared on X on March 18 by blockchain investigator Dexter, with a 24-hour early investor opportunity. According to Dexter, this project is “our most ambitious yet,” although no further information about the protocol has been revealed.

Despite the lack of information, the wallet address received 159,300 SOL (equivalent to over $33 million) within just 50 minutes after the X post was published, as shown by on-chain data.

The large amount of investment can be attributed to the limited 24-hour presale window, as stated in Dexter’s X post:

This secretive presale comes at a time of heightened investor greed, with the Crypto Fear and Greed Index currently at 77, indicating “extreme greed” among investors. However, this has slightly decreased from last month’s peak of 90, according to data from Alternative.me.

Will Solana Surpass Ethereum in Fees?

Investor interest in the Solana blockchain has sparked discussions of it potentially overtaking Ethereum as the leading platform for decentralized applications.

On March 17, Ethereum generated $14 million in fees, while Solana generated $4 million. This gap is shrinking rapidly, as just a month ago there was a 17-fold difference with Ethereum at $7 million and Solana at just $300,000, according to a March 18 post by OxMert, the CEO of Heliuslabs, who stated:

Solana has recently gained even more attention due to the surge in popularity of memecoins. In the three days leading up to March 18, presales for Solana-based memecoins raised over $100 million worth of SOL.

These presales are utilizing a controversial model, with unreleased coins being sold to investors. Some of the most notable Solana-based memecoins include Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and others.

Categorized in:

Tagged in: