Memeland-Backed PAIN Raises $37M in 48 Hours – Can ‘Hide The Pain Harold’ Meme Coin Hold Its Value?

PAIN Meme Project Raises $37 Million in 48-Hour Pre-Sale

A meme project, PAIN, recently launched a 48-hour pre-sale on the X platform, raising a total of 185,976 SOL, which equates to approximately $37 million.

This sum is three times the amount raised by the popular meme project SLERF in 2024.

A Familiar Meme Image with a New Twist

The PAIN token draws from the internet meme "Hide the Pain Harold," featuring András István Arató, a retired Hungarian electrical engineer.

His image, marked by a forced smile, became iconic across the internet when a photographer discovered him in 2011.

Over the years, the meme's widespread popularity helped Arató build a unique career, including roles as a Coca-Cola spokesperson in 2019 and a participant in Hungary’s Masked Singer in 2020.

Despite being an internet meme sensation, 80-year-old Arató has not publicly endorsed the PAIN project.

However, Pain’s official account has posted a video from Binance Blockchain Week 2024 in Dubai, accompanied by a message addressed to CZ Peng and signed off as "Harnold."

While it's unclear whether Arató is directly linked to the account, his involvement in the crypto community suggests a potential, though unofficial, endorsement of PAIN.

Memeland’s Hidden Role in PAIN’s Success

PAIN’s pre-sale success can be attributed to its connection with the well-known Meme platform, Memeland.

After the creation of the PAIN official Twitter account in October 2024, Memeland used its considerable reach to help promote the project.

Memeland’s official Twitter repeatedly reposted PAIN updates, building momentum and driving traffic.

Additionally, the presence of Arató at offline blockchain events with Memeland founder, as well as the viral image with Binance's CZ, boosted PAIN’s visibility in the crypto community.

A Controversial 80% Refund Policy Raises Eyebrows

One of the most talked-about aspects of PAIN’s pre-sale was its decision to refund 80% of the funds raised, leaving only 20% for the token’s launch and liquidity provision.

PAIN’s official X explained that the move was meant to "help everyone feel less pain from recent liquidations."

While this could be seen as a reassuring gesture for investors, critics argue that the decision was driven by the project’s need to lower its valuation and reduce potential risk in the secondary market.

The refund means the effective valuation of the project has dropped to around $7.4 million.

At the same time, this refunded amount could form buying orders when PAIN tokens hit the market.

Market Makers Behind the Scenes

An analysis of on-chain data revealed that market makers, particularly Wintermute, were involved in PAIN's early fundraising phase.

Wintermute has previously engaged in meme coin market making for projects like SLERF, MOODENG, and ACT, often pushing prices up in the early stages before selling them off later.

Wintermute's involvement could lend credibility to PAIN’s long-term potential, though it also raises concerns about market manipulation.

According to on-chain data analyst @ai_9684xtpa, the top 20 holders of PAIN control 31.87% of the total funds raised.

Translation:

According to the pre-sale payment situation, after the airdrop is distributed in proportion, the distribution of the front-row chips is as follows 👇

- TOP5: 32747 SOL transferred, accounting for 17.6% of the total holdings
- TOP10: 43242 SOL transferred, accounting for 23.2% of the total holdings
- TOP20: 59,299 SOL transferred, accounting for 31.87% of the total

The TOP20 holders account for more than one-third of the total coin holdings. If they sell off after the market opens, it will have a huge impact on the coin price 👀

This concentration means that a significant portion of the tokens will be in the hands of a few individuals, which could impact market stability once they are distributed.

Is PAIN a Short-Term Trend or a Long-Term Project?

PAIN's rapid rise shows just how unpredictable meme coins can be.

The project gained strong attention during its pre-sale, largely thanks to Memeland's community and its viral meme image.

But it’s unclear whether PAIN can maintain this momentum in the long term.

Meme coins are heavily driven by market sentiment, and once the initial excitement wears off, the price can drop.

If PAIN loses its meme appeal, it could struggle to keep the interest going.

While the success of its pre-sale highlights the influence of meme culture in the crypto space, PAIN's future will depend on how it performs after launch and how it avoids the challenges faced by other meme coins.