Over $26 Million Wasted as 12 Solana Memecoins Abandoned Post-Presale: Investigator Reveals
Summary:
Blockchain investigator ZachXBT has revealed that over the past month, 12 memecoins have been abandoned after using the contentious Solana presale fundraising model. These projects managed to raise a combined total of $26.7 million. Among the most notable was the memecoin 'I like this coin' which dropped over 90% in the first eight hours post-launch. Some coins plunged, others failed to gain traction, and one project never even launched a token. This recent turn of events has seen the public enthusiasm for memecoins decrease significantly.
Independent blockchain investigator, ZachXBT, has revealed that in the last month, at least 12 memecoins that tapped into the Solana presale trend have now been entirely deserted. These memecoin projects garnered a total of $26.7 million from investors. ZachXBT highlighted certain memecoins that employed the contentious presale fundraising model in a post on April 21. Several such projects experienced a severe depreciation in value post-launch, with one failing to release any token at all.
ZachXBT flagged the memecoin titled 'I like this coin' (LIKE), as the most expensive one out of the ones written off. The cryptocurrency's anonymous founder, pokeee.eth, managed to procure an astonishing 52,220 Solana (SOL) - equivalent to around $7.7 million at current rates. Despite a promising start with a market capitalization of $577 million after its launch on March 17, LIKE's value fell sharply, dropping by over 90% in the first eight hours. As per recent data, LIKE has slumped 99.2% from its initial price. Furthermore, the memecoin's official X account has been inactive since March 31, with pokeee.eth also refraining from any mention of the coin since then.
A similar twist befell the memecoin MOONKE which was launched by an anonymous founder, RockyXBT, on March 20. Despite launching with an initial valuation of approximately $500 million, MOONKE followed the same path as LIKE, plummeting by over 99% in just a few hours. Despite efforts toward traction, the MOONKE memecoin failed.
Interestingly, one project that amassed 4,567 SOL (valued at $812,000) never even launched a token. Attempts by Cointelegraph to get comments from Pokeee and RockyXBT were futile.
The public fervor over memecoins seems to be on the decline in recent weeks, as a series of larger Solana-based memecoins encountered a stark slump of more than 40% since April 1.
The manic rush of memecoins last month drew parallels with the Ethereum ICO boom in 2017, where numerous crypto schemes secured millions, however, they ultimately couldn't deliver.
Notably, a significant blunder occurred in March during a Solana pre-sale, where the developer of a memecoin titled Slerf accidentally burned the entire pre-sale allocation of the SLERF memecoin in a "fat finger" error. Still, the SLERF token eventually garnered popularity amongst memecoin investors, reaching a peak market cap of approximately $750 million, despite the developer having burned 535,000 SOL ($10 million at the time).
Published At
4/22/2024 5:10:11 AM
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