Taiwanese Music Star's Bobaoppa Memecoin Sends Solana Investors on Wild Ride
Summary:
The Bobaoppa memecoin, created by Taiwanese music artist and blockchain enthusiast Machi Big Brother on the Solana platform, has proved volatile since a $40 million presale. The coin, which peaked initially before dropping sharply and then somewhat recovering, has sparked questions and dissatisfaction among investors. Despite these concerns, the memecoin market on Solana remains active, with $149.2 million raised from 33 presales last month.
Bobaoppa, a memecoin launched on the Solana (SOL) platform by Taiwanese music sensation and blockchain enthusiast Machi Big Brother (real name Jeffrey Huang), has given its holders an extremely volatile experience subsequent to a $40 million presale. GeckoTerminal statistics on April 2 indicate that the Bobaoppa memecoin kicked off strong with a peak of 0.001474 on its launch date of March 30, but saw a sharp 74% fall to a nadir of 0.0003854 shortly thereafter. Currently, the Bobaoppa coin is somewhat on the mend, holding a value of $0.0007194. Earlier on March 28, a single tweet propelled investors to transfer over 200,000 SOL to the Bobaoppa memecoin address, amassing an impressive $40 million for the project. The coin has since elevated to a market cap of $73 million, though not every participant is satisfied. One user posted on X, SinghBobbaoppa on X: "Won't be investing in a presale again. My $10K is now just $129.00, utterly ridiculous.” A well-known crypto personality, borovik.sol, also joined the alarmed investors, questioning, "What's the benefit of presales if everyone unloads in the first 5 minutes?” The most revealing comment on the chaotic trading scenario came from none other but Machi Big Brother, who clarified that Bobaoppa is not a typical memecoin following a pump-and-dump method but a “dump-and-pump" currency instead. “Understand that we are unique,” Huang stated. A user, inquiring about his $29,977 loss from the Bobaoppa price fluctuation, was met with Huang's response of regaining the investment "only if you pray hard enough.”
Motivated by the recent trend of dog-themed Solana memecoins, Huang founded the Bobaoppa token and attached a unique narrative to it. As per the coin's official site, "Boba Oppa, the son of Machi Big Brother, embarked on a quest for generational prosperity and shedding his virginity. His adventures led him to create the $BOBAOPPA, a memecoin tapping into the power of DeFi." Solana memecoins have had a tumultuous journey raising a staggering $149.2 million from 33 presales in the last month alone. Notably, Solana's co-founder Anatoly Yakovenko has cautioned investors to be wary of this burgeoning frenzy.
Published At
4/2/2024 7:09:00 PM
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