Solana Memecoin: Taiwanese Music Celebrity’s Wild Price Action

Bobaoppa is a memecoin created by Machi Big Brother, a Taiwanese music celebrity and blockchain personality. After a $40 million presale, the coin experienced a rollercoaster ride. Initial data from April 2 showed that Bobaoppa opened at a high of 0.001474 before dropping 74% to a low of 0.0003854 shortly after. As of now, the token has somewhat recovered with a price of $0.0007194.

Investors sent over 200,000 SOL to the Bobaoppa memecoin address based on a single tweet, raising over $40 million for the project. The token now has a market cap of $73 million. Not all participants are pleased with their investment. One user expressed their disappointment, saying, “Never buying a presale ever again. My $10K is now worth $129.00, WTF man.”

Crypto influencer borovik.sol also commented on the situation, questioning the purpose of presales if everyone sells after a few minutes. Machi Big Brother himself shed light on the wild trading action, explaining that Bobaoppa operates differently from traditional memecoins. He stated that it is a “dump-and-pump” token, distinguishing it from the typical pump-and-dump scheme.

Members of the community expressed concerns about the price volatility of Bobaoppa. One user asked if they could recover the $29,977 they had lost through passive income. Huang, the creator, replied, “Only if you pray hard enough.” Inspired by the success of Solana memecoins with a canine theme, Huang created Bobaoppa with a unique backstory.

Solana memecoins have gained significant popularity, raising $149.2 million through 33 presales in the past month alone. Anatoly Yakovenko, the co-founder of Solana, has warned investors to exercise caution amid the ongoing craze, urging them to “stop doing this.”