Nonfungible token (NFT) collection Milady’s novel Solana memecoin has attracted 91,486 SOL ($18.7 million) within two hours of its presale announcement.

On March 18, Milday revealed that the Solana memecoin, named Milady Wif Hat after the popular Solana memecoin Dogwifhat (WIF), will have a 1 SOL (SOL) minimum investment with an 88,888 SOL cap. Hours later, the presale is now oversubscribed. “Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed,” wrote the team, adding: “Any additional Solana raised will have 100% of their funds returned.”

The Milady NFT collection, composed of 10,000 anime-inspired profile picture avatars, has gained traction amid the ongoing crypto bull market and shilling by Su Zhu, co-founder of Singaporean hedge fund Three Arrows Capital. 

“Yo what up milady fam! I had to sweep some miladys after hearing you have the best memes on web3,” wrote Zhu on March 6, adding: “Hell yeah, let’s see what this community’s all about! It’s moon time my degens aha.” Following the purchase announcement, the price of Milady NFTs doubled to a high of $19,000 apiece within days before retreating to $11,742 at the time of publication. 

Memecoins have also been in a craze as part of the crypto bull run. On March 14, WIF reached an all-time high of $3 as fans of the memecoin raised over $700,000 to advertise the token’s logo on the Las Vegas sphere. WIF has been the best-performing memecoin of the current cycle, posting gains of more than 1,000,000% since its launch in late November 2023, aided by its recent Binance listing.

Similarly, on March 18, token developer Slerf accidentally burned 53,000 SOL in a much-hyped presale, resulting in a total loss for users who invested their funds in the airdrop. 

Related: Unnamed presale address amasses $33M SOL in an hour