In a recent report by crypto investigator ZachXBT, it was uncovered that nearly 12 Solana presale meme coins have been “completely abandoned” within the past month, collectively raising 180,650 SOL, equivalent to approximately $26.7 million. Despite the significant fundraising, many of these meme coin projects have experienced sharp declines in value post-launch, with one project even failing to launch a token. ZachXBT shared insights on 27 meme coin presales on Solana since March 12, estimating that a total of 655,000 SOL, equivalent to $122.5 million, was raised during these presales.
In a post dated April 21, ZachXBT highlighted 12 Solana meme coin projects that utilized the controversial presale method, with many experiencing large declines in value since their launch. One project, “I like this coin,” raised 52,220 SOL tokens, equivalent to $7.7 million, but saw its value plummet rapidly, dropping over 90% in the first eight hours since launch. Another project, MOONKE, raised 37,470 SOL for the MOONKE token, with an initial market cap of nearly $500 million, which similarly plummeted by nearly 100%. Several other projects were also abandoned, with some failing to even launch a token, reflecting concerning trends in the Solana presale token space.
A recent study by cybersecurity firm Blockaid revealed findings regarding presale tokens launched on the Solana blockchain between November 2023 and February 2024. The study found that 50% of these presale tokens were identified as malicious, with scammers exploiting users’ fear of missing out during periods of heightened interest in meme coins. Individuals like Jared_eth and Bluekirbyftm were specifically highlighted in the study as being involved in scam activities. Scams and fraudulent activities have become increasingly prevalent within the Solana ecosystem, leading to a decline in market enthusiasm for meme coins.
Recent weeks have seen a decline in market sentiment for meme coins, with several Solana-based tokens experiencing significant declines in value. Popular meme coins like dogwifhat and BOOK OF MEME have seen decreases in value, reflecting growing caution among investors following the proliferation of scam tokens and fraudulent activities within the space. Despite this, leading Solana-based meme coins like BONK and MEW have witnessed substantial surges in value over the past week, indicating varying levels of investor confidence in different projects within the Solana ecosystem. Investors are advised to exercise caution and conduct thorough due diligence before engaging with meme coin projects on Solana.
