NFT artist raises over $10 million in one day for Solana memecoin presale
Updated: March 16, 2024, 1:48 PM EDT
A relatively unknown NFT artist has surprised the cryptocurrency community by raising over $10 million. 
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The artist, known by the pseudonym Kero, launched the presale after surveying his followers on X about whether Solana should release a coin to commemorate joining the network. After receiving 5,000 votes in the survey, Kero started a pre-sale by posting the wallet address, which quickly amassed a total of 55,000 SOL (about $10.4 million at current prices).
After admitting that he had no idea what to make before starting the voting, Kero eventually decided to name the coin SNAP in honor of the original meme character Coco, an alligator drawn in the style of the iconic meme character Pepe the Frog. I did. Coco has featured several collections of digital trading cards in the style of famous artwork, memes, and other elements of internet culture on Kero’s NFT output so far.
According to The Block’s analysis of blockchain data provided by Solscan, many of the donations were made in small amounts. The average contribution is 1 SOL, which makes Solana nearly twice as valuable as it was just a few weeks ago due to its recent price surge. The average contribution was around 3.5 SOL, with some wallets amounting to hundreds of SOL.
The Memecoin pre-sale has sparked distrust among other members of the X cryptocurrency community. “Literally no one knows him. He just (original text) address of the tweet,” wrote Cryptocurrency trader Wizard of Soho.
Kero has not announced a release date for the coin, but recently stated that it would not be released until after 21:00 UTC (5:00 PM ET) on Sunday. “Due to our scale and rapid development, we don’t want to make any mistakes,” Kero wrote.
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