12 Meme Coins on Solana Abandoned Within a Month of Presale

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Recently, meme coin expert ZachXBT uncovered that 12 projects on the Solana blockchain, which he had identified as potential meme coins, had been abandoned soon after their presales last month. These projects had collectively amassed an impressive $26.7 million in investments before disappearing without a trace, leaving investors disappointed and empty-handed.

In just a month’s time, twelve meme coins sold during Solana’s presale have been completely abandoned by their founders, leaving behind over 180,650 SOL ($26.7M). I would advise exercising caution when considering any future projects from these individuals.— ZachXBT (@zachxbt) April 21, 2024

Several meme coins were introduced through presales, a technique that has faced criticism for its lack of transparency and potential for rug pulls. For instance, “I like this coin” (LIKE) managed to gather 52,220 Solana tokens, equivalent to $7.7 million, during presales. However, following its launch, the value of LIKE dropped a staggering 90%.

MOONKE, an asset introduced by RockyXBT, experienced a similar unfortunate outcome, as it lost almost all of its value shortly after being launched. Some other projects were unable to release their tokens despite having raised substantial funds.

Lately, problems within the Solana network have resulted in significant financial setbacks and decreased investor confidence. This has negatively impacted its standing and dampened enthusiasm for meme coins, causing major Solana-linked coins such as Dogwifhat (WIF) to drop by approximately 40% since April.

The unpredictability of meme coins is highlighted by these occurrences, as their values can shift dramatically due to market volatility. Solana, known for its speed and scalability, has attracted numerous speculative initiatives, bringing in investors and supporters alike.

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2024-04-22 12:52