Taiwanese music celebrity’s Solana memecoin sees wild price action after $40M presale

Despite a largely successful sale, not all participants are happy about the volatile price action.

Bobaoppa, a Solana (SOL) memecoin created by Taiwanese music celebrity and blockchain personality Machi Big Brother (aka Jeffrey Huang), has taken tokenholders on a rollercoaster ride after a $40 million presale.

According to GeckoTerminal data on April 2, the Bobaoppa memecoin opened at a high of 0.001474 at launch on March 30 before plunging 74% to a low of 0.0003854 shortly after. At the time of publication, the Bobaoppa token has somewhat recovered with a price of $0.0007194. On March 28, investors sent over 200,000 SOL to the Bobaoppa memecoin address based on one single tweet, raising over $40 million for the venture. The token has since grown to a market cap of $73 million, but not all participants are happy. 

“Never buying a presale ever again,” one user wrote on X, adding: “My $10K is now worth $129.00, WTF man.” Meanwhile, crypto influencer borovik.sol, too, chimed in on the investor panic: “What’s the point of presales if everyone sells after 5 minutes?” he asked. 

But the biggest insight into the wild trading action came from Machi Big Brother himself, who explained that unlike a traditional memecoin pump-and-dump scheme, Bobaoppa is instead a “dump-and-pump” token. “We are not the same. Let that sink in,” Huang wrote. “Can I make back the $29977 I lost through the passive income?” asked one user regarding the Bobaoppa price variance. “Only if you pray hard enough,” Huang replied. 

Inspired by the recent surge of canine-themed Solana memecoins, Huang created the Bobaoppa token, too, with a backstory. According to the project’s official website: 

“Once upon a time, Boba Oppa, son of Machi Big Brother, set out on a journey for generational wealth and to lose his virginity. Through his trials and tribulations he created $BOBAOPPA, the memecoin that harnesses the power of DeFi.”

Solana memecoins have been on a wild run, with $149.2 million raised from 33 presales within the past month alone. Anatoly Yakovenko, co-founder of Solana, has since warned investors to “stop doing this” amid the ongoing craze.

Related: Solana struggles to recapture $200, but DApp and derivatives markets remain bullish