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NFT Artist’s Meme Coin on Solana Raises $10 Million in One-Day Presale

Kero, a pseudonymous NFT artist, made waves in the crypto world by raising over $10 million in Solana (SOL) in less than 24 hours during the presale of a meme coin, initially intended as a lighthearted endeavor.

The presale was initiated by Kero after conducting a poll on X, gauging interest in launching a coin on Solana “for fun” to commemorate joining the network. Following a poll with over 5,000 votes, the relatively unknown NFT artist launched the presale by sharing a wallet address, which quickly amassed over 55,000 SOL, equivalent to $10.4 million at current prices, within hours.

Admitting to being uncertain about what to create before the poll, Kero named the new coin SNAP, inspired by one of their meme characters, Coco, a crocodile illustrated in the style of the popular meme character Pepe the Frog.

SNAP officially debuted on March 16 and has already been listed on various exchanges, including CoinW. Analysis by The Block, using Solscan data, revealed that most contributions during the prelaunch phase were in small amounts, averaging about 3.5 SOL, although some contributions were in the hundreds.

While Kero has a history of NFT collections like Rare Coco and Snappy Cocos, the artist lacks experience in issuing tokens, leaving the investment’s value in the new venture somewhat uncertain. Some contributors claimed to have received tokens valued at $17,000, but with limited market liquidity and the coin still in its early stages, its value has yet to stabilize.

Currently, SNAP is trading at $0.00004256, reflecting a 52.5% drop from its initial entry into the crypto market, according to CoinGecko. Despite this, it became the 30th most traded cryptocurrency, with a trading volume exceeding $679 million and a market capitalization of $70.24 million, ranking it at #2,374 on CoinMarketCap’s digital asset list.

Kero’s rapid transition from an NFT artist to a token millionaire overnight has generated significant buzz in the crypto community, with some expressing disbelief at how an obscure artist could amass such funds in such a short time. Others have announced plans to launch their own meme coins in a bid to challenge the rationale behind supporting individuals with limited experience.

The overwhelming response to the SNAP presale underscores the growing interest in meme coins and their potential for value appreciation through social media-driven hype.

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