Indonesian student Sultan Gustaf Al Ghozali, who gained fame in 2022 for selling NFT selfies for over $1 million, has now ventured into memecoins. Recently, he raised $1.8 million through a memecoin presale, building on his earlier success with the "Ghozali Everyday" NFT project.

Despite initially considering his selfie project a "stupid idea," he returned to capitalize on the memecoin trend with a new project on the Base blockchain. His presale has exceeded its target, gathering around $1.8 million, although excess contributions will be refunded. The surge in memecoins, influenced by Solana's rise, has led to concerns about blind investing.

Despite warnings about their lack of inherent value, memecoins continue to attract attention, with Base emerging as a central platform for their trade, with a TVL of $2.13 billion on March 23.