As digital financial assets begin to be formally integrated into the conventional financial system, one area attracting investor attention is the presale market. New coin projects utilize presale to raise funds and gain early support before their official listing, providing investors with the opportunity to acquire potential assets at relatively low prices. In fact, many successful projects have created growth stories in the global market through presale. This is especially true for themed coin presale, such as meme coin presale, which has created a new investment culture based on community participation and rapid diffusion, while also raising positive expectations.
Meme coins refer to virtual assets created based on popular memes or humorous culture on the internet. Prime examples include Dogecoin and Shiba Inu (SHIB), which quickly gained widespread popularity thanks to their strong community base and parody nature. While initially based on simple entertainment, some meme coins are now linked to real-world payments or NFT projects, expanding their use cases. These characteristics make meme coins a valuable asset that can inject new vitality into the crypto market.
Concept and How Pre-Sale Works
A pre-sale is a procedure in which a project sells tokens to investors at a discounted price before officially listing on an exchange. While similar to an IPO (Initial Public Offering) in traditional finance, pre-sales are often outside the scope of regulation, unlike IPOs, which have a structured legal and institutional framework. The project presents its vision, roadmap, and token distribution structure through a whitepaper to attract investors. From an investor's perspective, the advantage is early participation and the potential for high returns. However, risks include the possibility of the project not proceeding as planned or the operator disappearing with investor funds, known as a 'rug pull'.
Examples of Success and Failure
Some projects have also successfully established themselves through pre-sales. Ethereum raised approximately US$18 million through a pre-sale in 2014, which provided the capital necessary to launch a future smart contract-based blockchain ecosystem. Another example is Filecoin. In 2017, Filecoin raised over US$200 million in its token pre-sale, which at the time was the largest in history.
On the other hand, there are also many cases of failure. Some projects raised billions in presale funding, only to experience delays or even halts in development, resulting in losses for investors. Projects focused on meme coins, in particular, often rely solely on humor and community hype to raise funds quickly, but fail to create real value. These cases highlight the importance of rigorous verification and risk management in presale investing.
Checklist That Investors Must Check
Investors considering participating in a presale should examine several key elements. First, the credibility and transparency of the project team. It's important to know who the development team is, what projects they've participated in previously, and whether the project's operational methods are transparently disclosed. Second, the planned use of the funds. The funds raised should be clearly explained for what purposes they will be used, and projects that provide a vague description of this are considered a red flag. Third, the token's economic structure. The issuance amount, distribution ratio, and lock-up period must be clear to prevent crowd-selling by early investors from destabilizing the market. A rigorous investor verification process also plays a crucial role in preventing fraudulent cases disguised as meme coin presales. For example, in the case of a Solana-based meme coin presale, accounts posing as well-known influencers approached investors with "fake BULL tokens" and stole approximately $2.6 million in SOL .
Meme Coin, Between Attraction and Risk
One of the most talked-about areas in the current presale market is meme coins. Following the success of Dogecoin and Shiba Inu, numerous meme coin projects have emerged, and some have attracted intense investor attention since the presale stage. While meme coins' characteristics, such as community leadership and rapid spread, are advantages, practical use and a sustainable ecosystem remain challenges. Therefore, meme coins are categorized as a "high-risk, high-reward" area that can yield significant returns in a short period of time.
Investing in new meme coins at an early stage can be a valuable investment opportunity, and strategic entry based on community feedback or smart contract audits is crucial. Furthermore, the example of Solana-based SLERF, which reached a market capitalization of $550 million in 24 hours, and Shiba Inu's 27,000 TP8T surge in just a few weeks, demonstrate the enormous profit potential offered by meme coins.
Supervisory Authority's View
Global regulatory authorities recognize the risks of the pre-sale market and are gradually tightening oversight and regulation. The United States Securities and Exchange Commission (SEC) has repeatedly stated that token pre-sales can be considered securities issuances, and several projects have been sanctioned for allegedly selling securities without registration. The European Union (EU) is also preparing information disclosure and investor protection mechanisms for the pre-sale stage through the MiCA (Markets in Crypto Assets Draft Regulation). In Japan and South Korea, anti-money laundering (AML) regulations are being tightened, and investor protection guidelines are under discussion.
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