The recent pre-sale of Boba Oppa, a memecoin on Solana (SOL) turned out to be a disaster. The asset’s price collapsed, reigniting concerns about the safety of meme projects. There has been a real memecoin fever on the Solana network over the past few weeks. Traders managed to profit on some memecoins, while others caused significant losses among community members.
Solana Memecoin Boba Oppa (BOBAOPPA)
At the end of March, a Machi Big Brother influencer launched a memecoin called Boba Oppa (BOBAOPPA). For his project, which Machi affectionately called “his son,” he actively raised funds within the community. The minimum investment amount was 1 SOL. As a result, Boba Oppa managed to raise more than $40 million in SOL tokens.
Already at the fundraising stage, some members of the crypto community expressed distrust in the project. In their opinion, the distribution of funds was not transparent enough. Soon, on March 31, their fears were confirmed. The price of the new memecoin BOBAOPPA suddenly plummeted by almost 50%, infuriating investors.
Its Not the First Time!
On April 1, Solareum, a Solana-based Telegram trading bot, was hacked and subsequently shut down. Due to the exploit, owners of more than 300 crypto wallets lost a total of $523 thousand in SOL.
“We, the Solareum team, can clarify that we do not steal money. Many SOLAR user wallets have been hacked, but this is yet another precedent for a common type of exploit. Similar incidents have occurred with other dApps and trading bots,” the Solareum team said.
It’s Not All Bad
Although trading memecoins is obviously subject to many risks associated with the threat of exploits, scams, and high volatility, the memecoin trend is not slowing down. Thus, thanks to the market interest in meme tokens, the trading volume on decentralized exchanges (DEX) on Solana has increased significantly. Data from DeFiLlama shows that total trading volume on the Solana DEX reached $60.35 billion in March 2024, surpassing the all-time high of December 2023.
Of particular interest are the leaders among DEXs on Solana. Thus, over the last week, trading volume on Orca exceeded $3.5 billion, and over the last 24 hours – $484.14 million. Raydium boasts the highest TVL, which is $659.3 million.
The BNB Chain team recently announced that it will distribute a $1 million prize pool to those community members who can create a popular meme coin based on the Binance Smart Chain (BSC) network. Read our material on how to take part in the competition.
Solana Memecoins
The memecoin sector on Solana has seen a remarkable ascent, with its market capitalization recently surpassing $40 billion. Nonetheless, the heightened interest in memecoins on Solana has also drawn the attention of attackers. Approximately two months ago, BlockAid, a blockchain security company, disclosed instances of scams aimed at Solana users through wallet-draining attacks.
