Bobaoppa, a memecoin on the Solana blockchain, has taken its tokenholders on a turbulent journey since its $40 million presale. Data from GeckoTerminal on April 2 shows that the Bobaoppa memecoin opened at a high of 0.001474 on March 30 before plummeting 74% to a low of 0.0003854 shortly after. As of now, the Bobaoppa token has partially recovered and is priced at $0.0007194. On March 28, investors contributed over 200,000 SOL to the Bobaoppa memecoin address based on just one tweet, raising over $40 million for the project. The token’s market cap has now grown to $73 million, but not all participants are satisfied.
Expressing their dissatisfaction, one user on X wrote, “Never buying a presale ever again. My $10K is now worth $129.00, WTF man.” Crypto influencer borovik.sol also joined in on the investor panic, questioning the purpose of presales if everyone sells after just five minutes.
The most revealing insight into the erratic trading activity came from Machi Big Brother himself, the creator of Bobaoppa. He clarified that unlike typical memecoin pump-and-dump schemes, Bobaoppa operates as a “dump-and-pump” token. Huang stated, “We are not the same. Let that sink in.” When a user asked if they could recover the $29,977 they lost due to the price fluctuations of Bobaoppa, Huang responded, “Only if you pray hard enough.”
Inspired by the recent surge of Solana memecoins with canine themes, Huang created the Bobaoppa token with its own backstory. According to the project’s official website:
Solana memecoins have experienced a frenzy, with a total of $149.2 million raised from 33 presales in the past month alone. In light of this ongoing craze, Anatoly Yakovenko, the co-founder of Solana, has warned investors to “stop doing this.”
Related: Despite Solana’s struggle to reclaim $200, the DApp and derivatives markets remain optimistic.