- Solana’s rapid expansion is partly due to its appeal for creating memecoins, attracting both enthusiasts and scammers.
- Twelve memecoin projects on Solana were abandoned after collectively raising over 180,650 SOL (US$26.7M), as reported by crypto-sleuth ZachXBT.
- Despite warnings, investor greed and FOMO continue to fuel these risky investments, with similar patterns emerging in the layer-2 network BASE.
Solana has seen immense growth over the past few months, and some of this comes on the back of the recent memecoin craze. Solana has cheap transaction fees and high speeds and is the ideal playground for anyone with a basic understanding, creating their own memecoin.
It seems that has brought many shady actors to the scene, as crypto-sleuth ZachXBT reports.
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According to his investigation there are 12 memecoin projects which have been abandoned after the founders raised millions from unsuspecting memecoin enthusiasts.
180,650 SOL worth a combined US$26.7M (AU$41.33M) had been raised through the now deserted presales.
Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).
ZachXBTThe data shared on platform X reveals the presale with the largest amount of SOL was Pokeepandaa, which sold tokens to the tune of 52,220 SOL.
Next are RockyXBT and Pepecasso1 who were able to raise 37,470 SOL and 29,761 SOL. TemplePharmacy (24,437 SOL), Vombatus_Eth (13,176 SOL) and Sartoshi0x (8,357 SOL) are also notable.
Sleuth Advises Caution Against Future Projects
The sleuth warned all to stay away from any potential future projects associated with these individuals.
ZachXBT pointed out that greed and FOMO got the better of people. He also lamented that many do not learn from their bad experiences. Similar ‘presales’ are now affecting the layer-2 network BASE:
People were warned early on and saw how all of these turned out yet chose to be greedy & sent more to influencers in hopes of chasing the next BOME. Anyone funding these meme coin presales are just as much at fault as the people running them.
ZachXBTSolana has seen many curious memecoin launches, among Bonk and dogwifhat which could almost be considered old school by now. There have also been the memecoins going along with the US presidential race, such as Joe Boden and Doland Tremp, which are still being traded on automated market maker (AMM) platforms like Raydium.
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Not to forget about Book of Meme (BOME) and Slerf (SLERF) some of the most hyped memecoins of recent times. If you feel like that is all a bit too much memecoin, read our guide on how to analyse before you buy.
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