A non-fungible token (nft) artist with the pseudonym Kero broke the crypto Internet after raising over $10 million in Solana (SOL) in less than a day during the pre-sale of a meme coin, which was apparently started for laughs.
Kero launched the pre-sale after taking a poll on X about whether they should flip a coin on Solana “for fun” to commemorate the occasion of joining the network.
After garnering over 5,000 votes in the poll, the little-known nft artist launched a coin pre-sale by posting a wallet address, which amassed over 55,000 SOL, or $10.4 million at current prices, in a matter of hours. .
Kero admitted to having no idea what to do before the survey and named the new currency SNAP, after one of his meme characters, Coco, a crocodile drawn in the style of another popular meme character, Pepe the Frog.
SNAP was officially launched on March 16 and is already listed on several exchanges, such as CoinW.
An analysis of The Block using data from Solscan revealed that most contributions in pre-release were made in small amounts, averaging around 3.5 SOL, although there were some contributions in the hundreds.
Kero is the creator of several nft collections, including Rare Coco and Snappy Cocos. Despite having a history with NFTs, the artist does not have much of a history when it comes to issuing tokens, leaving the value of investments in the new company quite ambiguous.
Some contributors claimed to have received tokens worth $17,000, but the meme coin is still in the early stages of development, with limited market liquidity and its value has not yet stabilized.
SNAP is currently trading at $0.00004256, a 52.5% drop from the level at which it entered the crypto market, according to data from CoinGecko.
In that period, it became the 30th most traded cryptocurrency, recording a trading volume of over $679 million. It also has a market capitalization of $70.24 million, placing it on CoinMarketCap's digital asset list at number 2,374.
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Kero's jump from nft artist to token millionaire overnight generated a lot of buzz in the crypto community, with some expressing disbelief at how an unknown artist could amass such funds in such a short time.
Others have announced that they will also launch their own meme coins in an effort to challenge the logic behind supporting people with little experience.
The overwhelming contributions to the SNAP pre-sale underscore the growing interest in meme coins and how their value can skyrocket just by riding the wave on social media.
