Unnamed pre-sale address amasses $33 million SOL in an hour

The ambiguous, 24-hour pre-sale, promised a bigger allocation for early investors, without disclosing any specifics on the project.

An early presale address for an unnamed, artificial intelligence (AI) focused project on Solana, amassed over $33 million worth of Solana (SOL) tokens in less than an hour.

The presale information for the unnamed AI project was posted on X on March 18 by on-chain sleuth Dexter, with a 24-hour early investor window. The user stated that this will be “our most ambitious project to date,” without disclosing any other information about the protocol.

Despite the lack of information about the project, the wallet address received 159,300 SOL — worth over $33 million at publication time — within 50 minutes after the X post went live, on-chain data shows.

The high amount of investment is partly due to the limited 24-hour window of the presale, according to Dexter’s X post:

“There is an early participation ratio bonus. The earlier you participate within the 24-hour window, the more tokens you will receive per SOL sent.”

The mysterious pre-sale comes during a period characterized by heightened investor greed. The Crypto Fear and Greed Index is currently at 77, signaling “extreme greed” among investors, although it which has cooled slightly from a peak of 90 last month, according to Alternative.me data.

Related: Dogwifhat price headed to $10? Arthur Hayes thinks so

Solana Fees set to overtake Ethereum?

The Solana blockchain has received increased investor interest, reigniting its status as a potential “Ethereum killer.”

Ethereum generated around $14 million worth of fees on March 17, while Solana generated around $4 million. This revenue gap keeps continually shrinking, as there was a 17 times difference of $7 million on Ethereum and just $300,000 on Solana a month ago, according to a March 18 X post by OxMert, the CEO of Heliuslabs, who wrote:

“Granted everyone is overpaying for Solana fees atm — but I could see a path where Solana fee revenue actually flips Ethereum due to the sheer volume combined with high-value state hotspots (memecoins lol).”

Solana is gaining increased investor attention due to the current memecoin frenzy. Presales for Solana-based memecoins raised over $100 million worth of SOL in the three days leading up to March 18.

Solana-based meme tokens have been raising money for unreleased coins by way of a controversial presale model, most notably including Book of Meme (BOME), Nap (NAP), Nostalgia (NOS) and many others.

Related: Who is ‘Mr. 100’? Mysterious Bitcoin whale becomes 14th-biggest BTC holder