In less than an hour, an early presale for an undisclosed artificial intelligence (AI) project on Solana accumulated over $33 million worth of SOL tokens. The presale details were shared on X on March 18 by on-chain investigator Dexter, who announced a 24-hour exclusive investment opportunity. While no specific information about the project was provided, Dexter mentioned that it would be their most ambitious undertaking to date.
Despite the lack of project details, the wallet address associated with the presale received 159,300 SOL, equivalent to over $33 million at the time of publication, within just 50 minutes of the X post going live, according to on-chain data.
The significant investment can be attributed in part to the limited 24-hour window for the presale, as mentioned in Dexter’s X post. This mysterious presale coincides with a period characterized by heightened investor greed, as indicated by the Crypto Fear and Greed Index, which currently stands at 77, signaling “extreme greed” among investors. However, it has slightly decreased from its peak of 90 in February, according to data from Alternative.me.
The Solana blockchain has gained increased attention from investors, reestablishing its position as a potential “Ethereum killer.” On March 17, Ethereum generated approximately $14 million in fees, while Solana generated around $4 million. This revenue gap has been shrinking, with a difference of $7 million on Ethereum and just $300,000 on Solana a month ago, as stated in a March 18 X post by “Mert | helius.dev,” the CEO of Helius.
Solana is experiencing a surge in investor interest due to the current frenzy surrounding memecoins. Presales for Solana-based memecoins raised over $100 million worth of SOL in the three days leading up to March 18. These memecoins have been utilizing a controversial presale model to raise funds for unreleased coins. Examples of such memecoins include Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and others.
In addition, a mysterious Bitcoin whale known as “Mr. 100” has emerged as the 14th-largest BTC holder.