PAIN Token Presale Rakes In $40 Million

Andras Istvan Arato, also known as ‘Hide the Pain Harold,’ has teamed up with Memeland to launch an official PAIN memecoin, which brought in $40 million in SOL despite the weekend volatility.

The presale opened on Feb 1 for 48 hours and attracted 188,000 SOL worth $39 million, with 20,000 SOL contributed by a single wallet in the final hours of the presale window.

There are no details yet on when the token will begin trading, the tokenomics, or whether Memeland NFT stakers will receive any token allocations.

Memeland is an NFT project led by 9gag, a Hong Kong-based meme platform founded in 2008 with a global audience of over 150 million. The NFT project minted its genesis collections in 2022 before releasing its primary collection, the Captainz, in 2023.

Captainz NFTs surged as high as 8 ETH leading up to the MEME token release. MEME went to trade as high as a $760 million market capitalization by March 2024, but currently changes hands at a $180 million market capitalization, with a $328 million fully diluted valuation (FDV).

Founder of 9gag and Memeland Ray Chan said, “Congrats to the OG meme legend “Hide the Pain Harold” and the @PAIN team for the biggest $SOL memecoin presale in history…raising more than 180,000 $SOL (~$40M) during the 2 days when the biggest liquidation in crypto happened was a painful and impressive quest.”