Sultan Gustaf Al Ghozali, an Indonesian university student who previously made $1 million selling non-fungible tokens (NFTs) from his daily selfies in 2022, has resurfaced with a new venture. This time, he has raised $1.8 million in a memecoin pre-sale, marking his return to the cryptocurrency spotlight.
Ghozali Daily Project
In January 2022, Ghozali gained widespread attention for minting NFTs with his daily selfies for five years. Dubbed “Ghozali Everyday,” the collection garnered immense support from the crypto community, boosting Ghozali’s earnings to over $1 million while he was still a student.
After graduating from university in 2023, Ghozali announced his departure from selfies on social media platform X, reflecting on his unconventional success. However, he recently resurfaced amid growing interest in memecoins, unveiling the second iteration of his project: a hybrid memecoin and nft venture on the Base blockchain.
I just took my last selfie when I graduated college and I can finally stop doing this shit almost every day.
6 years of taking selfies every day is the stupidest idea I have ever thought of, but luckily I can make money from it. pic.twitter.com/qftRH6WRua
-Ghozali (@Ghozali_Ghozalu) August 24, 2023
The pre-sale of Ghozali's new project quickly surpassed its initial limit of 400 Ether, reaching 527 eth, equivalent to $1.8 million at the time of writing. Notably, Ghozali pledged to refund any excess eth sent after reaching the limit, demonstrating ethical conduct in his fundraising efforts.
Memecoin Resurgence and Market Trends
The resurgence of interest in memecoins, particularly within the Solana network, has been evident amid a bullish trend in bitcoin. Solana-based pre-sale projects attracted significant capital inflows, reflecting what some describe as a period of “peak degeneration” in the crypto space.
Coinbase's layer 2 network, Base, has also seen increased attention, with its total value locked (TVL) doubling as investors eye the platform for memecoin ventures. Observers speculate that Base could emerge as the next hub for memecoin activity following the rise of Solana, which could fuel rapid growth in the network.
While memecoins continue to attract investor interest and offer the potential for quick returns, some industry experts remain cautious. Asset manager Franklin Templeton warned investors about the speculative nature of meme-based tokens, emphasizing their lack of inherent value or utility despite their short-term profit potential.
Final thoughts
Sultan Gustaf Al Ghozali's journey from nft selfies to memecoins highlights the evolving landscape of cryptocurrency markets. As he navigates this new phase of his entrepreneurial endeavors, Ghozali's story underscores the importance of ethical conduct and awareness of market dynamics in the crypto space.
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