Blockchain expert ZachXBT recently discovered that 12 meme coin projects on the Solana blockchain were abandoned shortly after their presales last month. These projects collectively raised a staggering $26.7 million before fading into obscurity, leaving investors empty-handed.
Many of these meme coins were launched through presales, a method often criticized for its lack of transparency and susceptibility to rug pulls. One notable example is ‘I like this coin’ (LIKE), which raised 52,220 Solana tokens worth $7.7 million with a market capitalization of $577 million but plummeted 90% after its launch.
MOONKE, an asset launched by RockyXBT, suffered a similar fate, losing 99% of its value immediately after its debut. Other projects failed even to roll out a token despite significant fundraising.
Recent issues in the Solana ecosystem have led to financial losses and reduced market trust. This has tarnished its reputation and cooled the excitement for meme coins, with major Solana-based coins like dogwifhat (WIF) falling over 40% since April.
These events underscore the unpredictable behavior of meme coins, which can quickly change due to their volatility. Though Solana is famous for being fast and scalable, it has also become a magnet for speculative projects, drawing in both risk-takers and fans.
Also Read: Solana’s Open Interest Plunges 21% as Price Dips
