In less than an hour, an early presale address for an unnamed artificial intelligence (AI) -focused project on Solana amassed more than $33 million worth of Solana’s (SOL) tokens.
With a 24-hour early investor window, on-chain investigator Dexter published the presale information for the unnamed AI project on X on March 18. The user expressed that this endeavor would be “our most ambitious undertaking to date” without providing further details regarding the protocol.
On-chain data indicates that the wallet address received 159,300 SOL—valuable at over $33 million at the time of publication—within fifty minutes of the X post going live, despite the absence of information regarding the project.
The limited 24-hour window of the presale, according to Dexter’s X post, contributed in part to the high level of investment:
“There is an early participation ratio bonus. The earlier you participate within the 24-hour window, the more tokens you will receive per SOL sent.”
The enigmatic presale occurs when investor avarice is at its peak. Comparative.me data indicates that the Crypto Fear and Greed Index has decreased marginally from its apex of 90 in February to its current value of 77, which means “extreme greed” among investors.
Will Solana Displace Ethereum?
Investor interest in the Solana blockchain has increased, reviving its reputation as a possible “Ethereum killer.”
On March 17, Ethereum generated approximately $14 million in fees, whereas Solana generated roughly $4 million. The revenue disparity continues to diminish, from a seventeenfold difference of $7 million on Ethereum a month ago to a mere $300,000 on Solana, as reported in an X post dated March 18 by “Mert | helius.dev,” the CEO of Helius:
“Although everyone is currently overpaying for Solana fees, I can envision a scenario in which the sheer volume of Solana fee revenue combined with high-value state hotspots (memecoins lol) causes Ethereum to reverse course.”
“Granted everyone is overpaying for Solana fees atm — but I could see a path where Solana fee revenue flips Ethereum due to the sheer volume combined with high-value state hotspots (memecoins lol).”
Solana is garnering greater investor interest due to the ongoing memecoin mania. In the three days before March 18, presales for memecoins based on Solana generated more than $100 million worth of SOL.
Using a contentious presale model, numerous Solana-based memecoins, including Book of Meme (BOME), Nap (NAP), and Nostalgia (NOS), have raised funds for unreleased coins.