According to blockchain investigator ZachXBT, at least 12 Solana presale meme coins have been abandoned in the last 30 days. These projects managed to raise a total of $26.7 million from investors but have since experienced significant declines in value. One of the most notable abandoned projects is ‘I like this coin,’ which raised 52,220 Solana and launched with a market capitalization of $577 million. The value of the coin dropped more than 90% within the first 8 hours and is currently down 99.2% from its launch price. The project’s official account and founder have not made any posts since March.
Another abandoned presale is for a token called MOONKE, which launched with a valuation of nearly $500 million but quickly plummeted over 99% in value. One project that managed to raise $812,000 never even launched a token. Attempts to contact the founders of these projects for comment have been unsuccessful.
The market’s interest in memecoins has decreased in recent weeks, with several Solana-based memecoins, including dogwifhat, experiencing significant declines in value. This decline in enthusiasm for memecoins is reminiscent of the Ethereum initial coin offering (ICO) era in 2017, where many projects raised millions but ultimately failed to deliver.
In March, there was a notable incident with a memecoin called Slerf, where the developer claimed to have accidentally burned the entire pre-sale allocation of the coin. Despite this, the coin gained a cult following among memecoin investors and reached a market capitalization of around $750 million.
These abandoned presale memecoins on Solana highlight the risks and volatility associated with investing in such projects. It is important for investors to conduct thorough research and exercise caution before participating in presale offerings.
These risks and volatility associated with presale memecoins are no joke. It’s crucial for investors to do their due diligence and not fall for the hype. Be smart! 💡🙅♀️
This is just another reminder that the crypto market is still in its wild west phase. It’s important for investors to tread carefully and not get swayed by the allure of quick profits. 🤠💸
It’s disheartening to see people being taken advantage of. These scammers need to be exposed and held accountable for their deceitful practices.
I can’t help but feel sorry for those who invested in these projects. It’s a harsh reality check that not every shiny new coin will turn into a success story.
It’s unbelievable how these projects managed to raise such a massive amount of money and then just vanish. This is a classic example of why we need stricter regulations in the crypto space. 💸🚫
I can’t believe Slerf gained a cult following despite the developer burning the entire pre-sale allocation. The power of memes is truly something else.
The fact that some projects didn’t even launch a token shows how little effort they put into making their ideas a reality. It’s a total scam!