Milady’s Novel Solana Memecoin: A Sensational Presale Gathering $18.7 Million in Two Hours
The crypto world has been abuzz with excitement over the recently announced presale of Milady’s novel Solana memecoin. This groundbreaking NFT collection, inspired by the popular Solana memecoin Dogwifhat (WIF), drew an astounding 91,486 SOL ($18.7 million) within just two hours of its announcement on March 18, 2023. The announcement, made through Milady Memecoin’s Twitter handle (@miladymemecoin), revealed that the Solana memecoin, named Milady Wif Hat, had set a minimum investment of 1 SOL and capped contributions at 88,888 SOL.
An Oversubscribed Presale Closes in a Flash
The presale quickly became oversubscribed, and the Milady Wif Hat team announced on March 18 that “Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed.” They further stated that any additional Solana raised would be fully refunded. This swift investment surge underscores the strong interest and demand for Milady NFTs, which consist of 10,000 anime-inspired profile picture avatars.
Su Zhu’s Endorsement: A Catalyst for Growth
One significant factor contributing to the collection’s popularity is the endorsement by prominent figure Su Zhu, co-founder of Singaporean hedge fund Three Arrows Capital. Zhu expressed his excitement about the Milady community’s memes on March 6, stating, “Yo what up Milady fam! I had to sweep some miladies after hearing you have the best memes on web3,” followed by, “Hell yeah, let’s see what this community’s all about! It’s moon time my degens aha.” Zhu’s support has undoubtedly fueled interest and investment in the Milady NFTs.
Following the initial purchase frenzy, the price of Milady NFTs surged, reaching a high of $19,000 each within days before settling at $11,742 at the time of writing. This price volatility reflects the dynamic nature of the NFT market, which is influenced by factors such as demand, investor sentiment, and market trends.
Su Zhu’s Endorsement and Price Volatility in the Context of Memecoins
The broader craze around memecoins has further fueled excitement for projects like WIF. On March 14, WIF reached an all-time high price of $3 due to fans raising over $700,000 to display the token’s logo on the Las Vegas sphere. WIF is one of the top-performing memecoins in the current cycle, boasting gains exceeding 1,000,000% since its launch in late November 2023 and being listed on Binance.
However, the memecoin landscape is not without challenges. On March 18, token developer Slerf faced difficulties when 53,000 SOL was accidentally burned during a highly anticipated presale, resulting in significant losses for investors who participated in the airdrop.
The excitement and volatility surrounding memecoins and NFT collections like Milady’s novel Solana memecoin serve as a testament to the dynamic and speculative nature of the crypto market. Investors and enthusiasts continue to navigate this evolving ecosystem, driven by the allure of innovation, community engagement, and potential financial rewards.
