Solana’s Mysterious AI Token Presale Raises $30 Million

An initial token sale for an unnamed AI-focused project on Solana amassed over $33 million in SOL within an hour.

Capping this at $30M. https://t.co/EEF0wsq5Ne

— dexter (@dexter_cap) March 18, 2024

On-chain researcher Dexter, who highlighted the presale, edited his post at the request of commentators to remove the wallet address and discourage users from sending funds.

According to the Solana explorer, nearly 160,000 SOL was sent to the address.

Dexter believes the investment surge was largely driven by the 24-hour offering window.

“There is a bonus for early participation. The earlier you invest within the 24 hours, the more tokens you receive for each SOL sent,” the expert wrote.

The token sale coincided with a rise in Solana’s token, fueled by the popularity of meme coins on the network. Over the weekend, users sent more than $100 million to presales in an attempt to acquire similar coins.

The price of SOL exceeded $200 for the first time since December 2021. The asset’s market capitalization reached $92 billion, placing it fourth in CoinGecko’s rankings.

Experts at Helius suggest the blockchain has once again captured investors’ attention as a potential “Ethereum killer.” The volume of fees on Solana is beginning to close the gap with the second-largest cryptocurrency network.

Earlier, the developer of the Slerf project on Solana admitted to accidentally burning all tokens intended for the airdrop and liquidity pool.