Taiwanese Celebrity Machi Big Brother's Meme Coin Price Plummets
Bopaoppa made a huge splash at presale bringing in $40M but then, it all went south from there
April 2, 2024 06:59 PM
Reading time: 1 minute, 30 seconds
TL;DR Bobaoppa, a meme coin created by Taiwanese celebrity Machi Big Brother, faced a dramatic market debut with a $40 million presale. The price plummeted by 74% shortly after launch, causing dismay among investors. Machi Big Brother's 'dump-and-pump' strategy has left the crypto community in a frenzy.
The cryptocurrency world was recently rocked by the launch of Bobaoppa, a new meme coin from Solana, spearheaded by Taiwanese music celebrity and blockchain enthusiast, Machi Big Brother.
The coin's presale attracted over $40 million, demonstrating the high anticipations from investors. However, the aftermath of its launch tells a tale of volatility and investor disappointment.
The Rollercoaster Launch According to GeckoTerminal data, Bobaoppa made a promising start at $0.001474 but suffered a sharp 74% decline to $0.0003854, leaving many investors in shock.
Although the coin has somewhat recovered, trading at $0.0007194, the dramatic price movements have sparked a debate about the sustainability and ethics of such investments.
"Never buying a presale ever again," expressed a dismayed investor on X, highlighting the stark losses faced by many.
Community Reactions and Insights Reactions from the community have been mixed, with some criticizing the presale frenzy while others seek justification for their losses. Crypto influencer borovik.sol questioned the rationale behind presales if immediate sell-offs are the norm.
Meanwhile, Machi Big Brother's explanation of Bobaoppa as a 'dump-and-pump' token rather than a traditional pump-and-dump scheme has added to the intrigue, albeit not comforting the aggrieved investors.
The Meme coin Culture Bobaoppa enters the scene amidst a surge in canine-themed Solana meme coins. Its creation was inspired by a whimsical narrative involving generational wealth and an adventurous quest, aligning with the lighthearted nature of many meme coins. Yet, the volatile market response raises questions about the meme coin trend's long-term viability.
A Cautionary Tale With $149.2 million raised from 33 presales of Solana meme coins in the past month, the frenzy is undeniable. However, Anatoly Yakovenko, co-founder of Solana, has issued warnings against such speculative investments. Bobaoppa's market debut serves as a stark reminder of the high risks involved in the meme coin market, urging investors to tread carefully.
