Recently, the presale of the meme coin $PAIN on Solana has caused a huge response, raising 185,976 $SOL in a short period of time. With 1 $SOL equivalent to 200 USD, the total amount raised is approximately 37.2 million USD, breaking the record for the presale amount of a meme coin. While the community was concerned that the large amount of fundraising would lead to a significant sell-off, the official announcement from PAIN stated that 80% of the funds would be returned, with only 20% being used for operations. This move has been praised online for its consideration of the overall situation, and those who did not participate in $PAIN are said to be feeling the pain.
Backed by Memeland and 9GAG, the story behind $PAIN involves the meme character HIDE THE PAIN HAROLD, with support from Memeland and 9GAG.
On February 2nd, the presale of $PAIN officially began, and anyone who sent $SOL to GsjtZXs5cGKSdUoW6CveUu5z7JDT5UL6rPkQEsDwbKww or SNS: paintoken.sol, paincoin.sol within 48 hours could participate in the presale. Each token did not have a fixed price, and the price would be determined by dividing the amount of funds raised during the sales period by the token supply.
In a post on the 5th, they announced that they had raised 185,976 $SOL within 48 hours, equivalent to approximately 37.2 million USD with 1 $SOL equaling 200 USD. While many believed that such a large amount of funds would either lead to an exit scam or a significant sell-off, the PAIN team announced that they would refund the largest amount in the history of presale, using the remaining 20% for token distribution, providing liquidity, and covering listing fees, in hopes of helping everyone alleviate the recent pain caused by liquidations.
The official statement from PAIN expressed that as an expression of pain on the blockchain, they did not want to add more pain to already bleeding investment portfolios. The community has praised the strategic move by the team. The source of the funds, 212.3 $SOL from centralized exchanges and 0.9 $SOL from bots, will not be refunded.
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