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Sultan Gustaf Al Ghozali, an Indonesian college graduate, is again in the news for the cryptocurrency world after generating $1.8 million for his new project through a memecoin presale.
In 2022, Ghozali made a name for himself and earned $1 million by selling NFTs of his everyday selfies. He recently joked on social media that his success came from a “stupid idea.”
Ghozali took advantage of the resurgence of interest in memecoins. On March 24th, he introduced a project on the Base blockchain that combines memecoins and NFTs. The project exceeded its fundraising goal, garnering 527 ETH which is estimated to be about $1.8 million. The young guy promised to repay payments that exceeded the initial 400 ETH cap.
This follows a surge in memecoin popularity, particularly with Solana traders, who raised a record $100 million in presales between March 15 and 18. Base disclosed a TVL of $2.13 billion on March 23, raising the possibility that memecoin fervour may be shifting to its platform.
While memecoins are risky and lack inherent value, as asset manager Franklin Templeton points out, they can still bring quick returns for investors. The trend shows no signs of slowing down.
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