After a $40 million presale event, a Solana memecoin associated with a Taiwanese music celebrity experiences dramatic price fluctuations

A Solana-based memecoin, Boba Oppa (BOBAOPPA), created by Taiwanese music celebrity and blockchain personality Machi Big Brother (aka Jeffrey Huang), has experienced significant price fluctuations following a $40 million presale event, despite its overall successful launch.

GeckoTerminal data on April 2 revealed that Boba Oppa memecoin debuted at a high of 0.001474 during its launch on March 30, only to plummet by 74% to a low of 0.0003854 shortly after. As of the time of writing, Boba Oppa has partially rebounded to a price of $0.0007194. The presale, held on March 28, saw investors sending over 200,000 SOL to the Boba Oppa memecoin address based on a single tweet, raising over $40 million for the project. Subsequently, the token’s market cap has surged to $73 million.

However, not all participants in the presale are content with the outcome. Expressing frustration, one investor lamented, “Never buying a presale ever again,” revealing a significant loss from their initial investment. Crypto influencer Borovik.sol echoed similar sentiments, questioning the purpose of presales if investors sell off their tokens within minutes.

Machi Big Brother provided insight into the token’s volatile trading behavior, describing Boba Oppa as a “dump-and-pump” token, distinguishing it from traditional memecoin pump-and-dump schemes. Responding to concerns about price fluctuations, Huang humorously suggested that recovering losses through passive income would require fervent prayers.

Inspired by the recent popularity of canine-themed Solana memecoins, Huang devised Boba Oppa with a unique backstory, as described on the project’s official website. According to the narrative, Boba Oppa, son of Machi Big Brother, embarked on a journey for wealth and romantic success, culminating in the creation of $BOBAOPPA, a memecoin leveraging the power of DeFi.

Solana memecoins have garnered significant attention, with $149.2 million raised from 33 presales within the past month alone. Anatoly Yakovenko, Solana’s co-founder, has cautioned investors against participating in this trend, urging them to exercise restraint amidst the frenzy.