Over 53m SOL were transferred to a wallet marking a new chapter in the ‘meme coin frenzy’

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A Solana (SOL) address received over 53 million SOL in four hours after its owner, who identifies itself as Kero on X (formerly Twitter), announced the pre-sale of a soon-to-be token named SNAP on Mar. 15. The amount is worth over $9.6 million.

Asking for a minimum of 1 SOL, Kero shared his wallet address for X users to send SOL and be eligible to receive SNAP, capping the offer at 50 million SOL. However, the cap was surpassed, and Kero might refund users who sent crypto after the event.

One of the reasons behind the stellar funding of Kero’s wallet could be his career as a non-fungible token (NFT) artist, being the creator of collections Rare Coco and Snappy Cocos. However, there are no guarantees that Kero will keep his side of the deal since the SOL sent by users are not escrowed in a smart contract – they are already in his wallet.

This unconventional and risky pre-sale model for meme coins became popular on Mar. 12 after the successful launch of the token Book of Meme (BOME), which could be another reason why Kero’s wallet got almost $10 million in just four hours. A user who identifies himself as Darkfarms on X posted that users would receive an allocation of BOME proportional to the amount of SOL sent to his address.

After the BOME distribution, the price rose to 5,000%, skyrocketing the token’s popularity. One user sent 50 SOL to Darkfarms’ wallet and sold its holdings 14 hours later for 767 SOL, as reported by the user Lookonchain on X.

The unexpected successful outcome of a pre-sale which had a significant chance of ending in a scam, followed by huge price growth, got BOME listed for trading in centralized exchanges, such as Gate.io, KuCoin, and MEXC.

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