Kero, an NFT artist, has caused a stir by raising over $10 million in Solana (SOL) in a single day. This feat was achieved through the presale of a meme coin, initially started as a joke. Kero, embracing the humor and potential of the blockchain, queried his followers on X about launching a Solana-based coin “for fun.” The positive response was overwhelming, with over 5,000 endorsing the move.
Subsequently, Kero revealed a wallet address for the presale of this new coin, named SNAP after a meme character Coco, which resembles the popular Pepe the Frog. The enthusiasm was palpable as contributions soared to 55,000 SOL, equaling $10.4 million. Despite Kero’s inexperience with token issuance, his NFT creations like Rare Coco and Snappy Cocos have garnered a following. However, SNAP’s launch ventured into uncharted territory for the artist.
An analysis from The Block, using Solscan data, highlighted that the presale attracted numerous small contributions, averaging around 3.5 SOL. Nonetheless, there were notable larger investments. Early contributors have seen varied returns, with some reporting token values up to $17,000, despite SNAP’s value and market liquidity still finding their footing. Currently, SNAP trades at $0.00004256, witnessing a 52.5% decrease from its entry point but has notably hit the 30th spot in trading volume, amassing over $679 million, with a market cap of $70.24 million.
The Ripple Effect of Kero’s Success
Kero’s leap from NFT artist to token millionaire has captivated and divided the crypto community. While some marvel at the swift accumulation of wealth from an unknown artist, others question the sustainability and rationale behind supporting meme coins without solid foundations. The situation has inspired others to announce their meme coin ventures, aiming to capitalize on the burgeoning interest and potential for rapid valuation growth driven by social media buzz. Kero’s story underscores the unpredictable and often whimsical nature of meme coins, highlighting their capacity to generate significant interest and financial movement within the crypto market.