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.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- IMX PREDICTION. IMX cryptocurrency
- Following Muppet*Vision, Another Popular Disney World Attraction’s Closing Date Has Been Revealed, But This Time There’s Actually Good News
- Jennifer Love Hewitt Addresses Possible Return to ‘I Know What You Did Last Summer’ Reboot
- Nosferatu Review: Bill Skarsgård Is Chilling In This Lovingly Crafted Nightmare
- Brazil Introduces Bill to Create National Bitcoin Reserve
- Hobbs & Shaw 2 With Jason Statham & Dwayne Johnson Gets Promising Update
- Dancing With The Stars’ Gleb Savchenko And Brooks Nader Confirm They’re Dating, But Also Cleared Up A Few Misconceptions
2024-04-22 12:52