In a remarkable move within the digital asset space, an Indonesian college student named Sultan Gustaf Al Ghozali has attracted attention from the cryptocurrency community with a successful memecoin presale, raising $1.8 million.

This accomplishment comes after Ghozali's previous achievement in 2022, where he made a million dollars by selling daily selfies as NFTs over a five-year period under the project name "Ghozali Everyday."

Despite jokingly calling his idea the "stupidest" one that led to his fortune, Ghozali decided to step back from the selfie NFT market. However, he reentered the scene by introducing a new project on March 24 that integrates memecoins and NFTs on the Base blockchain.

The venture surpassed its funding goal quickly, gathering 527 ETH (around $1.8 million). Ghozali assured to refund contributors who went beyond the 400 ETH limit set for the presale.

The wider cryptocurrency market has shown a renewed interest in memecoins, especially among Solana traders, resulting in $100 million raised in just three days for various presale projects from March 15 to 18.

The surge of Solana memecoin popularity has sparked both enthusiasm and doubt, with some investors expressing concerns about the risks associated with such ventures.

At the same time, the Base blockchain, supported by Coinbase, has witnessed a twofold increase in its total value locked, potentially positioning itself as a key platform for memecoin activities as observed with Solana.

As of March 23, Base reported a Total Value Locked (TVL) of $2.13 billion, indicating the potential shift of memecoin interest toward its ecosystem.

While memecoins are known for their speculative nature, asset manager Franklin Templeton warned about their lack of inherent value or utility. However, the allure of swift returns from these meme-based tokens remains strong, highlighting the volatile yet profitable nature of cryptocurrency investments.

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