Approximately a dozen meme coin presale events on the Solana platform have been abruptly ended shortly after collecting funds, according to a recent calculation.
Approximately fifteen memecoin presales on the Solana platform, resulting in over $26 million in total funds raised during the past month, have been abandoned. This could indicate a more significant instance of fraudulent activity as investors rush to capitalize on the memecoin trend in March.
In just a month, more than a dozen meme coins sold during Solana’s presale have been completely abandoned by their founders, despite raising over $26.7 million in SOL (180,650 SOL). I would recommend exercising caution before supporting any future projects initiated by these teams.— ZachXBT (@zachxbt) April 21, 2024
Based on calculations conducted by blockchain investigator ZachXBT, around 180,650 Solana tokens, valued at roughly $28 million when reported, were allocated to a group of pre-sale memecoins that have been identified.
“Would avoid any future projects launched by these founders.”
ZachXBT
One user with the handle @pokeepandaa stood out among the identified pre-sales, contributing over 52,000 SOL towards the LIKE token during fundraising. This amount accounted for almost 30% of the total memecoin pre-sales that did not go through after collecting funds, based on ZachXBT’s calculations.
Since mid-March, more than 35 memecoin pre-sales have been held in the Solana ecosystem, raking in over $150 million in SOL investments. However, not every project in this group has mirrored the success of the latest cohort identified by ZachXBT. In a follow-up post, ZachXBT remarked that a similar trend can be noticed on Base, a layer-2 solution built by Coinbase.)
According to crypto.news’ previous article, the increase in memecoin prices has led to an influx of trading bots on the Solana network, looking for arbitrage opportunities. However, when these opportunities are absent, these bots result in unsuccessful transactions. These unsuccessful transactions, referred to as “bot spam,” accounted for a significant portion of all failed transactions on Solana, as stated by Helis CEO Mert Mumtaz.
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2024-04-22 11:36