Bobaoppa, a memecoin based on the Solana blockchain, has taken tokenholders on a tumultuous journey following its $40 million presale. Created by Taiwanese music celebrity and blockchain personality Machi Big Brother, also known as Jeffrey Huang, the Bobaoppa memecoin experienced a volatile start. According to data from GeckoTerminal, the token opened at a high of 0.001474 on March 30 but quickly plummeted by 74% to a low of 0.0003854. As of now, the price has partially recovered to $0.0007194. The presale garnered significant attention, with investors sending over 200,000 SOL to the Bobaoppa memecoin address based on a single tweet, raising more than $40 million. The token’s market cap has since grown to $73 million, but not all participants are satisfied.
One disgruntled user expressed their regret, stating, “Never buying a presale ever again. My $10K is now worth $129.00, WTF man.” Another crypto influencer, borovik.sol, joined in on the investor panic, questioning the purpose of presales if everyone sells within five minutes. However, the most revealing insight came from Machi Big Brother himself, who explained that Bobaoppa operates differently from traditional memecoin pump-and-dump schemes. Huang clarified that Bobaoppa is a “dump-and-pump” token, emphasizing its unique nature. In response to a user’s inquiry about recovering their losses through passive income, Huang replied, “Only if you pray hard enough.”
Inspired by the recent surge of Solana memecoins with canine themes, Huang created the Bobaoppa token, complete with its own backstory. The Solana memecoin market has been experiencing a frenzy, with $149.2 million raised from 33 presales in the past month alone. Anatoly Yakovenko, co-founder of Solana, has cautioned investors to refrain from participating in this trend. Despite the challenges, Solana’s DApp and derivatives markets remain optimistic.