An Indonesian university student who became a millionaire by selling nonfungible tokens (NFTs) of his selfies in 2022 has returned to the spotlight, raising $1.8 million in a presale of a memecoin.
Sultan Gustaf Al Ghozali, a college student at the time, minted NFTs featuring his daily selfies over a five-year period and named the collection “Ghozali Everyday.” The crypto community rallied behind the project, earning Ghozali over $1 million.
After graduating in 2023, Ghozali announced on X that he would no longer take selfies, expressing gratitude for the success he achieved through what he considered a “ridiculous idea.”
Ghozali disappeared from X for several months but resurfaced amid a surge in interest in memecoins. On March 24, he unveiled the second iteration of “Ghozali Everyday” as a hybrid project combining memecoins and NFTs on the Base blockchain.
At the time of writing, Ghozali’s presale had exceeded its 400 Ether (ETH) cap, reaching 527 ETH, equivalent to approximately $1.8 million. However, Ghozali stated that he would refund those who sent more ETH after the cap was reached.
The renewed interest in memecoins can be attributed to the rise in Bitcoin (BTC) and the enthusiasm of Solana traders. Data indicates that presale projects on Solana raised $100 million within just three days from March 15 to 18.
Community members have described the excitement surrounding Solana memecoins as a pinnacle of recklessness, with users indiscriminately sending Solana (SOL) tokens to founders announcing “presales” without any guarantee of receiving tokens in return.
Moreover, aside from the Solana network, the total value locked (TVL) in Coinbase’s layer-2 network, Base, has doubled as investors look to the blockchain as the next hub for memecoins. On March 23, Base’s TVL reached $2.13 billion. Some experts predict that after the meme season on Solana, attention may gradually shift to Base, potentially leading to wild runs in the layer-2 network.
Nonetheless, on March 14, asset manager Franklin Templeton issued an investor note cautioning that memecoins lack intrinsic value or utility. However, they acknowledged that meme-based tokens possess the potential to generate quick profits for investors.
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