The cryptocurrency community is sounding alarms over what is being dubbed "peak degeneracy" in the memecoin realm. In a frenzy of speculative mania, Solana-based memecoin projects have managed to raise a staggering sum of over $100 million through a controversial fundraising model known as "presales" in just the last three days.

According to data aggregated by crypto researcher 0xGumshoe and viewed by Cointelegraph, crypto traders have sent around $100 million worth of Solana's SOL token in an attempt to buy into new, unreleased memecoins over the past 72 hours.

These tokens, such as Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and many others, have been raising funds through the presale model, which has drawn criticism for its lack of accountability and potential for abuse.

"This is legit peak degeneracy. Aping $180k and $90k into memecoins," wrote pseudonymous crypto investor Nick in a recent post on X, accompanied by a screenshot showcasing outsized buys on an undisclosed memecoin.

The memecoin presale frenzy was ignited by the launch of Book of Meme (BOME) on March 14. Launched by the pseudonymous artist Darkfarms1 at an initial value of around $4 million, BOME's value skyrocketed by a staggering 36,000% in less than 56 hours, reaching a peak market capitalization of $1.45 billion.

One early investor, Sundayfunday.sol, a personal friend of BOME's creator, turned an initial investment of 420.69 SOL (worth $72,000 at the time) into a mind-boggling $32 million in less than three days, according to blockchain analytics platform Lookonchain.

The presale model, which involves crypto investors sending a cryptocurrency to a wallet address with the expectation of receiving a weighted distribution of tokens in return when the token goes live, has been heavily criticized for its lack of accountability and susceptibility to fraud.

Ethereum educator Anthony Sassano lashed out at the presale model, calling anyone who sent their money to a random wallet address in the hope of receiving a token "dumb as hell."

"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 'memecoin presale' that has a 99.9% chance of rugging is actually just dumb as hell," Sassano warned.

The memecoin mania has even spilled over into the broader public sphere, with entrepreneur David Sacks inadvertently fueling the craze through his involvement with the All In podcast. One lucky user reportedly profited roughly $39,000 from the situation after Elon Musk jokingly tweeted about buying a memecoin affiliated with the podcast.

As the speculative frenzy surrounding memecoins on Solana continues to heat up, concerns over the sustainability and legitimacy of these projects are mounting within the crypto community.