The Indonesian university student who made a million dollars by selling nonfungible tokens (NFTs) of his selfies in 2022 is back in action, raising $1.8 million in a presale of a memecoin.
In January 2022, Sultan Gustaf Al Ghozali created NFTs featuring his daily selfies from the past five years. The collection, named “Ghozali Everyday,” received support from members of the crypto community, earning Ghozali over $1 million while he was still a student.
After graduating from college in 2023, Ghozali announced on X that he would finally stop taking selfies. He considered himself fortunate to have made money from what he called the “dumbest idea” he had ever come up with.
After a long absence from X, Ghozali reappeared when interest in memecoins surged. On March 24, he unveiled the second version of “Ghozali Everyday” – a hybrid project combining memecoins and NFTs on the Base blockchain.
Since its launch, Ghozali’s presale has exceeded its 400 Ether (ETH) limit. As of now, the presale address has reached 527 ETH, equivalent to around $1.8 million.
However, Ghozali stated on X that he would refund those who sent more ETH after the limit was reached.
With the rise of Bitcoin (BTC), interest in memecoins has resurfaced, primarily driven by Solana traders. Data indicates that presale projects on Solana raised $100 million in just three days from March 15 to 18.
Community members referred to the Solana memecoin craze as the “peak of recklessness,” as users blindly sent Solana (SOL) tokens to founders announcing “presales” without any guarantee of receiving tokens in return.
In addition to the Solana network, the total value locked (TVL) in Coinbase’s layer-2 network, Base, has doubled as investors see it as the next hub for memecoins.
On March 23, Base’s TVL reached $2.13 billion. Some experts believe that after the meme season on Solana, attention might gradually shift to Base, potentially leading to wild runs on the layer-2 network.
However, on March 14, asset manager Franklin Templeton issued an investor note warning that memecoins have “no inherent value or utility.”
Nevertheless, the asset manager acknowledged that meme-based tokens have the potential to generate quick profits for investors.
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