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 developers revealed that the Solana memecoin, named “Milady Wif Hat,” after the popular Solana memecoin dogwifhat (WIF), will have a 1 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 Milady development 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 Singaporean hedge fund Three Arrows Capital (3AC) co-founder Su Zhu. 

“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.” Subsequent to 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.