Blockchain expert ZachXBT has found that 12 meme coin projects on the Solana blockchain were abandoned immediately after their presales last month. These initiatives cumulatively raised an astounding $26.7 million before vanishing into obscurity, leaving investors empty-handed.
Many of these meme coins were launched through presales, a practice typically criticized for its lack of transparency and susceptibility to rug pulls. One such example is ‘I like this coin’ (LIKE), which raised 52,220 Solana tokens valued $7.7 million but dropped 90% after its launch.
MOONKE, an asset introduced by RockyXBT, suffered a similar fate, losing 99% of its value immediately after its introduction. Other initiatives failed even to roll out a token despite significant fundraising.
These incidents emphasize the unexpected behavior of meme coins, which can swiftly change because to their volatility. Though Solana is famed for being quick and scalable, it has also become a magnet for speculative initiatives, pulling in both risk-takers and fans.
Recent difficulties in the Solana ecosystem have led to financial losses and eroded market trust. This has soiled its reputation and tempered the euphoria for meme coins, with prominent Solana-based coins like dogwifhat (WIF) plummeting over 40% since April.
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