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WaterMemeCoin Raises 250,000 SOL in Presale, Hits $1.1B Market Cap on Raydium Amid Wallet Concerns

Jun 24, 2024, 03:13 PM

The launch of WaterMemeCoin ($WATER) on the Solana blockchain has garnered significant attention, raising over 250,000 SOL in a presale that concluded in just 180 seconds. The presale hard cap was subsequently increased to 255,706 SOL. Upon its debut on Raydium at 3 PM UTC, $WATER achieved a market cap of $1.1 billion, with initial trading pushing the market cap to $600 million. However, concerns have arisen as the development team transferred 844.44 million $WATER to 11 new wallets, which did not participate in the presale. These wallets have sold $WATER, accumulating more than 18,600 SOL ($2.35 million).