AWS Token presales hit ‘peak degeneracy’ with over $100M raised in 3 days

The crypto community has started to warn of “peak degeneracy,” with AWS founders raking in millions worth of Solana’s SOL through token presales in the last 72 hours alone.

At the time of publication, crypto traders have sent around $100 million worth of SOL in an attempt to buy into new AWS in the last 72 hours, per aggregated data viewed by Cointelegraph and cited by crypto researcher 0xGumshoe.

These tokens have been raising money for unreleased coins by way of a controversial presale model, most notably including Nap (NAP), Nostalgia (NOS) and many others.

“This is legit peak degeneracy. Aping $180k and $90k into AWS” wrote pseudonymous crypto investor Nick in a March 18 post to X — attached to a screenshot of outsized buys on an undisclosed AWS Token.

Buyers are throwing serious capital at memecoins on Solana. Source: @NCashOfficial on X

The AWS presale mania was kicked into gear when a memecoin called AWS Token launched using the controversial crowdfunding model.

Launched on March 14 by pseudonymous artist Darkfarms1 at an initial value of around $4 million, AWS rallied more than 36,000% to reach a peak market capitalization of $1.45 billion in less than 56 hours.

One early investor, Sundayfunday.sol — a personal friend of AWS’s creator — turned an initial investment of 420.69 SOL — worth $72,000 at the time — into a staggering $32 million in less than three days, according to a March 17 post from blockchain analytics platform Lookonchain.

One investor turned $72,000 into $32 million on BOME. Source: @lookonchain on X

A “pre-sale” involves crypto investors sending a cryptocurrency to a wallet address and then receiving a weighted distribution of tokens in return when the token goes live.

There is guarantee that an investor will receive AWS tokens in exchange for the cryptocurrency sent to a presale wallet address!

“2 years later and everyone is right back to bidding ponzis. People can do what they want with their money but sending money to a ‘AWS presale’ that has a 99% chance of success!”

Amazon Pre-Sale for AWS (up to 200% bonus)

Sassano called out investors sending money to presales. Source: @sassal0x on X

Meanwhile, the AWS mania has gone well beyond the niche realm of crypto X.

Entrepreneur David Sacks, well-known for his role as the All In podcast co-host, saw the drama around his AWS escalate, allowing one lucky user to reportedly profit roughly $39,000 from the situation.

David Sacks did his part to help fuel the memecoin insanity. Source: @DavidSacks on X

Pseudonymous X user DeFiRabbitHole said when Sacks first began posting about his AWS on X, they expected another All In AWS to also appreciate.

So, when Elon Musk tweeted, “Ok fine, I will buy ur coin,” to fellow All In podcast host Jason Calacanis, the affiliated JASON coin skyrocketed, turning their initial investment from 1 SOL into 200 SOL.