- Milady Wif Hat presale raised $18.6 million in under 2 hours before capping out, showing immense demand for Solana memecoins.
- Milady NFT floor price doubled to 19 SOL after purchase by crypto investor Su Zhu, now around 11.7 SOL.
- Other memecoins like Dogwifhat hitting ATH and Slerf burning $10 million in failed presale reflect speculative hype cycle.
Solana-based memecoins have seen immense growth and popularity over the past few months. This surge follows the release of Dogwifhat, one of the first and most well-known Solana memecoins, back in November 2022. Riding on this memecoin wave is Milady Wif Hat, a new anime-inspired NFT and token project attracting major investment and hype.
Milady Wif Hat Presale Reaches $18.6 Million in Under 2 Hours
On March 18th, the presale for Milady Wif Hat’s token went live. The minimum investment was set at 1 SOL, roughly $187 at the time, with a maximum cap of 88,888 SOL. Incredibly, the presale hit its limit in under 2 hours, raising a total of $18.6 million. The team announced the presale’s closing and said all additional funds raised would be returned.
The Milady NFT Collection Takes Off
Milady Wif Hat is part of the broader Milady NFT collection of 10,000 anime-style PFP NFTs. Following a high-profile purchase of Milady NFTs by Three Arrows Capital co-founder Su Zhu in early March, the floor price doubled within days to 19 SOL, before settling around 11.7 SOL at the time of writing.
Other Memecoin Successes Show Frothy Market
Milady Wif Hat’s instant success echoes that of other recent memecoin launches. Dogwifhat itself hit an all-time high price of $3 in mid-March after fans crowdfunded over $700,000 for a Las Vegas billboard. Meanwhile, a memecoin presale by developer Slerf ended with $10 million worth of SOL accidentally burned due to a coding error.
Conclusion
The overwhelming demand for new Solana memecoins like Milady Wif Hat reflects the current bullish market conditions and hype cycle. However, it also demonstrates the risks involved in speculative investments in highly volatile assets with no intrinsic value. While memecoin mania yields big wins for some, others are left holding the bag when the music stops.
