Over the past month, ZachXBT disclosed that twelve Solana presale meme coins have been left unused or abandoned.
This is after the projects collectively amassed $26.7 million from investors.
Abandoned Solana Meme Coin Projects
On his X blog on April 21, ZachXBT specifically called out these projects and advised investors to be cautious about any future initiatives led by the mentioned founders.
In just a month, more than a dozen Solana presale meme coins have raised over $26.7M in SOL (180,650 SOL), but unfortunately, all of them have since been abandoned without any further development.
Would avoid any future projects launched by these founders.
— ZachXBT (@zachxbt) April 21, 2024
A warning has been issued due to the struggles many of these projects faced soon after starting, some not even managing to put out a real token.
The “I like this coin” (LIKE) project, initiated by the anonymous creator pokeee.eth, brought in the most funds. They managed to gather an impressive 52,220 Solana (SOL), which is equivalent to approximately $7.7 million based on current market prices.
Within just the initial eight hours of being traded, the coin’s worth dropped more than 90%. At the moment of writing this text, LIKE has experienced a staggering 99.2% decrease from its original launch price.
Concerningly, there have been no recent posts from the official X account of the meme coin founder, last updated on March 31, and similarly, there have been no new announcements regarding the token from pokeee.eth since that date.
After LIKE came another meme coin named MOONKE, introduced by the masked figure RockyXBT anonymously. With an initial worth close to $500 million, MOONKE suffered a disappointing outcome, experiencing a drastic decline of over 99% in value shortly after its market debut.
Jared\_eth started a project that garnered investments totaling $812,000 or 4,567 SOL, but unfortunately, no token was ever released for this endeavor.
Scammers Exploit Meme Coin Craze
Approximately half of the presale tokens introduced on the Solana blockchain during the period from November 2023 to February 2024, according to a study conducted by cybersecurity company Blockaid, turned out to be harmful or fraudulent.
Ido Ben-Natan, one of Blockaid’s co-founders, explained that an uptick in scammer behavior could be linked to the surge in presale token acceptance during February and March. This trend was fueled by the growing hype surrounding authentic meme coins.
Scammers additionally exploit people’s fear of missing out (FOMO) during times of increased excitement, a point he emphasized as well.
In the research, Jared\_eth and Bluekirbyftm were singled out as being among the deceitful individuals brought up by ZachXBT in his more recent publication.
In March, an intriguing mishap related to Solana and its presale tokens made headlines. The creator of a humorous digital currency named Slerf admitted to inadvertently destroying the entire presale allotment through a “fat finger” mistake – essentially a slip of the hand causing unintended mass action.
Lately, there’s been a drop in excitement for meme coins on the market, causing significant decreases of more than 40% for tokens like dogwifhat (WIF) that run on the Solana platform.
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2024-04-23 07:26