Ghozali Returns To Memecoin Project, Earns IDR 28.4 Billion In Pre-Sale

JAKARTA - Sultan Gustaf Al Ghozali or Ghozali Everyday, an Indonesian student who made millions of dollars from selling non-fungible tokens (NFT) from his selfie in 2022 has made a comeback. He reportedly returned to collect 1.8 million dollars (Rp 28.4 billion) in pre-sale memecoins.

In January 2022, Sultan Gustaf Al Ghozali scored an NFT with a photo of himself taken every day for five years. The collection, called "Ghozali Everyday," received support from members of the crypto community, which reportedly generated more than US$1 million (Rp15.7 billion) for Ghozali, who was still a student at the time.

When Ghozali graduated from college in 2023, he posted on X that he would eventually stop taking selfies. He said he was lucky to have made money from the "bordest idea" he thought of.

launching the second part of Ghozali Everyday: a memecoin and nft hybrid on Base 🛜PRESALE is open, send eth to 0x4553555f6a451EC415f698A524B5e02E38acFB6C (eth mainnet/base only) 🙏🏻min 0.05 ETH 👈🏻max 2 ETH ✅cap 400 ETH 🛎100% of ETH raised goes to LP 🛜Ghozali 404 🙆🏻‍♂️… pic.twitter.com/HYAfHkh1z3

— Ghozali (@Ghozali_Ghozalu) March 24, 2024

launching the second part of Ghozali Everyday: a memecoin and nft hybrid on Base PRESALE is open, send eth to 0x455555f6a451EC415f698A524B5e02E38acFB6C (eth mainnet/base only)min 0.05 ETH max 2 ETHcap 400 ETH 100% of ETH raised goes to LP Ghozali 404... pic.twitter.com/HyafHkh1z3

After missing from X for several months, Ghozali reappeared as interest in memecoins increased. On March 24, he announced the second iteration of Ghozali Everyday - a memecoin hybrid project and NFT on blockchain Base.

Since its launch, Ghozali's pre-sale has exceeded the 400 Ether cap limit. At the time of writing, pre-sale addresses reached 527 ETH, about 1.8 million US dollars.

However, Ghozali wrote on X that he would return the money to those who sent more ETH once the limits were reached.

Amid Bitcoin's rise, interest in memecoins has resurfaced, driven primarily by Solana traders. Data shows that pre-sale projects in Solana raised $100 million in just three days from March 15 to 18.

Community members described Solana's memecoin craze as a "degeneracy peak," with users blindly sending Solana tokens to founders announcing "pre-sale" without guarantees that they would get back any tokens.

In addition to Solana's network, the total value of the locked (TVL) in Coinbase's crypto exchange-2 network, Base, has doubled as investors look at blockchain as the next memecoin center.

On March 23, TVL Base hit $2.13 billion. Some industry experts believe that after the Solana meme season, attention may slowly turn to Base, and there is a potential for a huge increase in the layer-2 network.

However, on March 14, asset manager Franklin Templeton published an investor note warning that memecoin had no "value or inherent utility."

Nonetheless, the asset manager acknowledges that meme-based tokens have the potential to provide a quick advantage for investors.