PAIN: The "pain" of Meme continues, is it running away or building momentum?

Author: Luke, Mars Finance

On February 18, 2025, the name $PAIN still echoed in retail investors' chat groups, but beneath the hype lay a hint of unease. Ever since the project team announced a refund of 80% of the presale funds on February 6, this meme coin on the Solana chain seemed to have pressed the "mute" button, remaining silent for a full 12 days. Investors on X have exploded with comments: "After raising 185,000 SOL, they went silent. Are they about to run away?" and "I've already lost 20% on my SOL investment in $PAIN; if it doesn't double soon, I won't even get my principal back!" The community's anxiety buzzed like mosquitoes in summer, but there was nowhere to find solace. This article explores what has really happened behind this "pain."

A Painful Yet Joyful Presale Frenzy

The story of $PAIN begins with "Hide the Pain Harold." This legendary figure in the meme world, whose real name is András Arató, was originally a retired engineer from Hungary. In 2011, he inadvertently took a series of vacation photos, and for some reason, this "smiling through pain" expression went viral online, becoming a global meme for mocking life. By February 2, 2025, Memeland—a crypto team dedicated to meme culture—brought this IP to the Solana chain and launched $PAIN. As a result, they raised 186,000 SOL (approximately $38 million to $40 million) within 48 hours, directly breaking the presale record for meme coins. It was as if you were selling Harold's pained smile meme on the street, and suddenly fans from around the world flocked to you, turning your booth into a traffic black hole.

However, the story took a sharp turn. Just after the presale ended, the project team announced a refund of 80% of the funds, leaving only about $7.6 million to start the project. The official explanation was that this was to alleviate the burden on the community, but to retail investors, this reason sounded a bit like an excuse of "still packing food after being full." The refunded SOL had significantly depreciated due to market fluctuations, and while the remaining funds far exceeded the typical startup needs for meme coins, the community began to question: was this truly a goodwill gesture, or was there another motive? Worse still, after the refund promise was made, the official account has remained silent to this day, with not even a notification of "refund received." Users on X angrily stated: "$PAIN has been silent for 12 days since the presale ended; it's simply 'pain on top of pain!'"

Can Memeland Save the Day: Strong Backing, but Worrisome Rhythm

Memeland, the force behind $PAIN, is no small player. This team recently acquired the Hong Kong-listed company Memestrategy for $18 million and plans to unveil a heavyweight roadmap at their strategic annual meeting on February 20. KOLs on X have leaked: "Memeland may announce the launch plan for $PAIN at the annual meeting to save this stagnant situation." Not to mention, $PAIN has also registered a Web2 trademark, indicating that its ambitions are clearly not just fleeting meme coins, but rather to establish a meme brand that spans both Web2 and Web3. It's like putting Harold in a suit, transforming him from a street artist of memes into a cultural IP entrepreneur.

However, the key to saving the day lies in execution. Memeland has resources, traffic, and even rumors of collaborations with major exchanges like Binance (after all, Memeland's MEME token has already been listed on Binance), but the 12-day "silent period" of $PAIN has truly made people anxious. The community speculates that either the project team is negotiating the token distribution plan with exchanges—since the original plan (20% for presale, more for NFT holders) was deemed likely to crash the market; or they have seen unfavorable market trends and decided to hold back until the storm passes. The problem is that meme coins rely on enthusiasm and momentum; the longer it drags on, the more retail investors' enthusiasm cools like leftover food in the fridge. If Memeland can indeed throw out a big surprise on the 20th, such as a launch timeline or brand collaboration, it might just pull $PAIN back from the brink of "painful loss of confidence."

However, there are successful precedents—like the previous $CULT, which halted for half a year but ultimately surged by about five times. If Memeland can provide a clear launch timeline or brand collaboration plan at the annual meeting on February 20, it might bring the same miracle to $PAIN.

Conclusion

$PAIN now resembles Harold's classic pained smile: calm on the surface, but with undercurrents swirling beneath. It could be a dark horse in the meme coin bull market, given its foundation in meme culture and the backing of Memeland; a market cap of $1 billion is not out of the question. But let's not forget, this "painful" adventure could flip at any moment—12 days of silence have already raised doubts among retail investors, and fake tokens and scam links are rampant on X (the official account has warned that the presale is over, and not to throw more money in). My advice? Hold onto your wallets and wait for the news from Memeland's annual meeting on February 20. If there is indeed a positive turn, this "pain" might transform into "joy"; but if it remains silent, it could truly be "pain without a show." The crypto world is never short of drama; do you dare to bet on the next act of $PAIN?