Selfie-NFT Creator Sultan Gustaf Al Ghozali Raises $1.8M in Memecoin Presale
Summary:
Indonesian graduate Sultan Gustaf Al Ghozali, who previously earned a million dollars from selling selfie-based NFTs, has raised $1.8 million in a memecoin presale. This second venture, called "Ghozali Everyday," merges memecoins and NFTs on the Base blockchain. The revival of interest in memecoins, encouraged primarily by Solana traders, is noticeable, with increased activity also seen on Coinbase's Base network. Despite warnings about their inherent lack of value, memecoins are acknowledged to carry the potential for quick financial gains.
Sultan Gustaf Al Ghozali, an Indonesian graduate, who previously made a million dollars in 2022 from creating and selling his selfie-based nonfungible tokens (NFTs), has experienced another successful venture. This time, Ghozali raised $1.8 million through a memecoin presale. A year earlier, in 2022, Ghozali had generated over a million dollars by transforming his daily selfies of five years into a series of NFTs, aptly titled "Ghozali Everyday." This unique concept quickly won over cryptocurrency enthusiasts.
Upon graduating college in 2023, Ghozali declared on X that his selfie-taking days were over, crediting his financial success to what he termed as the "silliest idea" he ever had. After being absent from X for several months, Ghozali returned amidst a rising interest in memecoins. On March 24, he unveiled a second version of Ghozali Everyday, combining the principles of memecoins and NFTs to launch a new project on the Base blockchain.
Following its introduction, Ghozali's presale exceeded its cap of 400 Ether (ETH), pulling in roughly 527 ETH or around $1.8 million. Ghozali stated that he would return the excess ETH from those who had sent more than the cap.
The surge in Bitcoin's (BTC) value has prompted a resurgence of interest in memecoins, led predominantly by Solana traders. From March 15 to 18, Solana's presale projects accumulated $100 million in just three days. The community's zealous involvement in these memecoin presales, despite no guaranteed returns, has been labeled as “peak degeneracy.”
Crypto exchange Coinbase’s layer-2 network, Base, has also seen its total value locked (TVL) double as it emerges as the latest hotspot for memecoins. Base’s TVL reached a staggering $2.13 billion on March 23, leading some experts to speculate a potential shift of focus from Solana to Base.
However, a note to investors published on March 14 by asset management firm Franklin Templeton cautions that memecoins do not inherently carry any real value or usefulness. Yet, the firm acknowledges that these tokens inspired by memes hold the capability for rapid financial gains.
Published At
3/25/2024 11:42:05 AM
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