April 19, 2024
Taiwanese Celeb's Solana Meme Coin Price Swings
Latest Cryptocurrency News

Taiwanese Celeb’s Solana Meme Coin Price Swings

Bobaoppa, a memecoin launched on the Solana (SOL) blockchain by a Taiwanese music celebrity and blockchain personality Machi Big Brother (aka Jeffrey Huang), has witnessed dramatic fluctuations in its token price after a $40 million presale.

Machi Big Brother shilling Bobaoppa on X

Market Performance and Price Volatility

According to GeckoTerminal data on April 2, Bobaoppa opened at a high of 0.001474 on March 30 but swiftly plummeted by 74% to a low of 0.0003854 shortly after. As of the latest update, the token has partially recovered, currently priced at $0.0007194. Investors poured over 200,000 SOL into the Bobaoppa memecoin address following a single tweet, raising over $40 million for the project.

Investor Reactions and Community Response

Amidst the price volatility, not all investors are content. One user expressed frustration, stating, “Never buying a presale ever again. My $10K is now worth $129.00, WTF man.” Crypto influencer borovik.sol also questioned the purpose of presales, pondering, “What’s the point of presales if everyone sells after 5 minutes?”

Insights from Machi Big Brother

Machi Big Brother himself provided insights into the trading dynamics, distinguishing Bobaoppa from traditional memecoin pump-and-dump schemes. He explained that Bobaoppa operates as a “dump-and-pump” token, a unique approach in the memecoin landscape. Responding to concerns about price volatility, Huang humorously suggested that potential earnings could be restored “only if you pray hard enough.”

“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.”

Creation and Background of Bobaoppa

Inspired by the popularity of canine-themed Solana memecoins, Huang introduced Bobaoppa with its backstory. According to the project’s official website, Bobaoppa’s creation aligns with the trend of Solana memecoins, which have collectively raised $149.2 million from 33 presales within the past month.

Cautionary Note from Solana Co-Founder

In response to the frenzied activity surrounding Solana memecoins, Anatoly Yakovenko, co-founder of Solana, issued a warning to investors, urging them to “stop doing this” amid the ongoing craze.

Image by jcomp on Freepik

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