An Indonesian college student who in 2022 amassed $1 million selling nonfungible tokens (NFTs) selfies raised an additional $1.8 million in a recent memecoin presale.
Sultan Gustaf Al Ghozali issued NFTs in January 2022 imprinted with photographs of himself he had taken daily for five years. “Ghozali Everyday,” a compilation garnered backing from cryptocurrency community members, collected more than $1 million for the student Ghozali.
In 2023, Ghozali declared on X that he would cease taking photographs after graduation. He expressed gratitude that he had been successful with the “most bona fide concept” he had generated.
Ghozali reappeared on X after a months-long absence, coinciding with the surge in interest in memecoins. He declared the release of the second iteration of Ghozali Everyday, a memecoin and NFT hybrid project on the Base blockchain, on March 24.
The Ghozali presale has exceeded its 400 Ether limit since its inception. At the time of writing, the presale address had amassed approximately $1.8 million, or 527 ETH.
Ghozali wrote on X, however, that those who sent additional ETH after the limit was reached would receive a refund.
Memecoin interest has reemerged amidst the Bitcoin uptick, primarily due to Solana merchants. According to available data, Solana presale initiatives raised $100 million in just three days, from March 15 to 18.
The Solana memecoin frenzy has been characterized by community members as “peak degeneracy,” as users indiscriminately transfer Solana tokens to entrepreneurs who declare “presales” without any assurance of token return.
In addition to the Solana network, the total value locked (TVL) of the layer-2 network Base of the cryptocurrency exchange Coinbase has doubled as investors view the blockchain as the next memecoin epicenter.
Base Attained $2.13 billion in TVL on March 23. Certain industry analysts opine that following Solana’s meme season, gradual attention may transition to Base, potentially leading to irrational surges in the layer-2 network.
Franklin Templeton, an asset manager, issued a cautionary investor note on March 14, stating that memecoins “have no inherent value or utility.”
Notwithstanding, the asset manager acknowledged the potential for meme-based tokens to generate rapid returns for investors.
