$PAIN Memecoin Presale Raises $38M Triggering $SLERF, $GM Bag-Holders

Solana’s memecoin traders have once again poured millions into a random wallet in a desperate bid to make gains.

$PAIN, a memecoin inspired by the iconic ‘Hide The Pain Harold’ meme, has raised over 180k $SOL in just two days. For veterans of Solana’s memecoin trenches, $PAIN’s astronomical raise bears a frightening resemblance to the presale meta of Q2, 2024.

Will $PAIN suffer the same fate as other historic presales like $SLERF, $bobaoppa, and $GM and does this market behavior signal an incoming correction?

$PAIN Memecoin Raises over 180M $SOL

On February 2nd, the $PAIN memecoin opened deposits for an uncapped presale raise, assuring contributors that they would receive a fair % of $PAIN tokens based on their $SOL deposits.

Within the first 30 minutes, the $PAIN deposit address received over 2,500 $SOL, indicating high demand for ‘early’ positions in the upcoming launch. 

Over the following 2 days, word spread throughout the trenches, thousands of Solana memecoin traders contributing $SOL to the anonymous address. By the final eligible deposit in block 318,346,069, the $PAIN address had accumulated 186,054 $SOL, currently valued at over $38M.

Since the presale terminated, over 2,015 $SOL tokens have been sent to the address. The $PAIN team is yet to make any announcement regarding whether these tokens will be refunded to late depositors.

Presale Memecoin or Easy Scam?

Collecting over $38M in just two days, $PAIN’s impressive raise has divided the crypto community. Prominent figures from the Ethereum NFT community have come out in support of the project, including 9GAG CEO, and Well3 founder Keungz. The $PAIN raise is the second largest memecoin presale in history, falling behind Machi Big Brother’s $bobaoppa in Q2 2024.

Circulating a picture of former Binance CEO Changpeng Zhao and Harold, the original meme’s character, some presale participants are convinced that Binance is supporting the launch. 

Binance has not communicated any intention to list $PAIN. However, that hasn’t stopped the coin’s supporters from insinuating that the exchange is involved due to fresh wallets funded by the platform depositing 20,000 $SOL in the dying hours of the presale.

On the other hand, the majority of onchain traders are watching the launch with apprehension. Two days is a long time in the trenches, with $PAIN cynics asserting that anyone interested in buying the memecoin has already had ample time to do so. 

Memecoin presales of this nature have a terrible track record, with the vast majority trending to zero in the weeks following launch. 

Memecoin traders from Q2 2024 remember dozens of failed tokens, with coins like $SLERF and $GM bleeding out for months after raising 8 figures in presale funding.

Massive Presale Hints at Market Euphoria

Historically, the ‘Presale’ meta is widely considered a late-stage period of memecoin attention cycles and could signal a euphoric local top.

Large, uncapped presale raises suggest that traders are willing to send millions to random wallets with the promise of receiving memecoins in return. These raises typically don’t broadcast any tokenomics, roadmap, or promise of tangible utility, meaning traders are donating funds without having any idea of what they’ll get back.

2024’s presale meta peaked in March, marking the start of a dramatic pullback in onchain activity and asset prices throughout the Solana ecosystem.

After raising over $40M, Machi Big Brother’s $bobaoppa memecoin launch on March 30th came just two days before a local $SOL top. After peaking at $202 on April 1st, Solana entered a lengthy consolidation period that sent $SOL as low as $125. $SOL would not revisit the $200 price mark until November, 7 months after the presale meta had finished.

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