Over 50% of pre-sold Solana memecoins abandoned within 1 month after $25 million raise Over 50% of pre-sold Solana memecoins abandoned within 1 month after $25 million raise
ZachXBT identified 12 Solana memecoins projects that have been abandoned by their founders in the aftermath of the memecoin mania.
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Updated: Apr. 23, 2024 at 9:49 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana memecoin pre-sales have rugged investors of over $25 million within the past month as more than 50% of the top projects were abandoned, with some never even launching a token.
Solana Co-Founder Anatoly Yakovenko retained his negative stance on the phenomena, commenting, “Pre selling a meme doesn’t make any sense to begin with.” At the time, Yakovenko urged users to stop investing in memecoin pre-sales after sharing an image of the top 22 projects, which raised over $100 million.
Of the 22 projects, ZachXBT has revealed that 12 have already been abandoned just one month later. The abandoned projects include LIKE, MOONKE, FROG, TEMPLE, and SORRY, which raised over $2 million. The other projects raised between $1.4 million and $180,000, with X user @Jared_eth raising around $800,000 without launching a token. Notably, @Jared_eth’s account is listed as compromised by the web3 security platform Pocket Universe.
The memecoin mania has since moved to the Coinbase-backed Base blockchain, with ZachXBT commenting that “no one learned anything bc same thing is happening on Base.”
The price of SOL has fallen significantly since the memecoin spending spree. At its peak, SOL reached over $200, fueled mostly by memecoins, but has since dropped to $154 as of press time. The 23% decline comes after SOL has already recovered around 30% from its local low of $117 on April 13.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
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Solana Labs builds products, tools, and reference implementations to expand the Solana ecosystem further.
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