Taiwanese music celebrity Solana memecoin sees wild price action after $40M presale.

Bobaoppa, Solana (SOL) memecoin created by Taiwanese music celebrity and blockchain personality Machi Big Brother (aka Jeffrey Huang), took tokenholders on a roller coaster ride after a $40 million presale.

Bobaoppa memecoin opened higher at 0.001474 before plunging 74% to a low of 0.0003854 on March 30, according to GeckoTerminal data on April 2. At the time of publication, the Bobaoppa token has recovered slightly to a value of $0.0007194. On March 28, investors sent more than 200,000 SOL to Bobaoppa memecoin based on a single tweet, raising more than $40 million for the project. The token has since grown to a market value of $73 million, but not all participants are happy.

“Never buy a presale,” wrote one user on X: “My $10k is now worth $129.00, WTF man. Meanwhile, crypto influencer borovik.sol, an investor panicked, asked, “If everyone is selling after 5 minutes, what's the point of selling?” he said. he asked.

But the biggest insight into the wild trading activity came from Machi Big Brother himself, who explained that unlike the traditional memecoin pump-and-dump scheme, BobaPopa is instead a “dump-and-pump” token. We are not the same. Let that in,” Huang wrote. “Can I get back the $29977 I lost in income?” One user asked about the difference in the price of baobab. “Only if you pray hard,” Huang replied.

Inspired by the recent dog-themed Solana memecoins, Huang also created a Bobaopan token with a backstory. According to the project's official website:

“Once upon a time, Boba Oppa, the son of Machi Big Brother, embarked on a journey to inherit wealth and lose his virginity. Through his trials and tribulations, he created the memecoin $BOBAOPPA that harnesses the power of Defin.”

Solana memecoins have been on a wild run in the past month, raising $149.2 million from 33 presale sales. Solana co-founder Anatoly Yakovenko warned investors to “stop doing this.”

Related: Solana struggles to recapture $200, but DApp and derivatives markets remain bullish.