Bakery Swap Raised $280M in Crypto via Big Pump Memecoin Presale
In Brief
Bakery Swap concluded the token presale for the meme project Big Pump (PUMP), setting a participation record exceeding $280 million.
Decentralized exchange and non-fungible token (NFT) platform Bakery Swap (BAKE) concluded the token presale for the meme project Big Pump (PUMP), setting a participation record exceeding $280 million.
The Big Pump is a memecoin operating on Binance Chain (BNB) with a total supply of 4,444,444,444,444 tokens, symbolizing the desired outcome for cryptocurrency enthusiasts–a significant increase in the value of their assets.
According to the Bakery Swap announcement on social media platform X, the current fundraising totals include approximately 363,000 BNB, 9 million CAKE, 24 million BAKE, 1.5 billion 1CAT, and 7.3 billion IQ50 with refunds for any contributions to be processed within 48 hours.
Meanwhile, the price of Binance Coin (BNB) increased by nearly 2% over the 24 hours, reaching $566 as of the writing time. This continues its upward trend, surging over 48% over the last month, according to data from CoinMarketCap.
Memecoin Surge Brings Ambiguous Results
Memecoins have recently surged in value, particularly amidst the prevailing volatility in the broader cryptocurrency market. Furthermore, the increase in memecoin sales has contributed to higher blockchain fees and on-chain transaction volume.
A recent presale event for a project named “are you stupid” collected 420.69 n Solana (SOL) or $83,717 in a single transaction on March 18. Users were given a 48-hour window, starting from March 16, to send funds to the “areyoustupid.sol” wallet address.
Another Solana-based memecoin named “Slerf,” a humorous take on the word “sloth,” has reached a market capitalization exceeding $234,800,000 with a total of 74,075 holders, as reported by the Solana blockchain tracker Solscan. However, the Slerf team accidentally burned $10 million in funds belonging to presale investors.
This activity contributed to the Solana blockchain resurgence, with its SOL token almost fully recovering from its all-time lows in 2020. Furthermore, the blockchain has become a favored platform for meme coins such as Dogwifhat (WIF), Bonk (BONK), and Book of meme (BOME). These tokens derive their value primarily from their ability to generate online buzz.
However, some experts believe that memecoins pose a risk to the crypto industry. Ki Young Ju, CEO of CryptoQuant, an on-chain and market data analytics firm, expressed concern over the memecoin mana. “Some say memecoins are a global lottery system that attracts new users to the crypto industry,” he said in a post on social media platform X. “It’s frustrating to see billion-dollar-cap memecoins overshadow hard working teams building legitimate products to advance this industry. Easy money can’t drive industry-wide progress, as shown by the 2018 ICO burst,” he added.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
