Indonesian Selfie Guy’s Memecoin Comeback: $1.8M Achieved

Sultan Gustaf Al Ghozali, the Indonesian college student who made a million dollars selling nonfungible tokens (NFTs) of his selfies in 2022, is back in the spotlight. This time, he raised $1.8 million in a presale of a memecoin. In January 2022, Ghozali created a collection of NFTs called “Ghozali Everyday,” featuring daily photos of himself taken over a five-year period. The project gained support from the crypto community and earned Ghozali over $1 million while he was still a student.

After graduating from college in 2023, Ghozali announced on X that he would no longer take selfies, expressing gratitude for the success he achieved from what he considered a “stupid idea.” He disappeared from the platform for some time but recently resurfaced as interest in memecoins started to surge.

On March 24, Ghozali introduced the second iteration of “Ghozali Everyday” as a hybrid project combining memecoins and NFTs on the Base blockchain. The presale of the project exceeded its 400 Ether (ETH) cap, reaching 527 ETH, equivalent to around $1.8 million. Ghozali stated that he would refund those who sent more ETH after the cap was reached.

The interest in memecoins has experienced a revival alongside the increasing popularity of Bitcoin (BTC). Solana traders have been the driving force behind this trend, as presale projects on the Solana network raised $100 million in just three days from March 15 to 18. Community members have described the frenzy surrounding Solana memecoins as “peak degeneracy,” with users blindly sending SOL tokens to founders without any guarantee of receiving tokens in return.

In addition to the Solana network, the layer-2 network of crypto exchange Coinbase, called Base, has also seen a surge in activity. Its total value locked (TVL) has doubled, reaching $2.13 billion on March 23. Some experts believe that after Solana’s memecoin season, attention may slowly shift to Base, potentially leading to significant growth in the network.

It’s important to note that on March 14, asset manager Franklin Templeton issued a warning, stating that memecoins have no intrinsic value or utility. Despite this, they recognized the potential for meme-based tokens to generate fast profits for investors.

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