Solana co-founder Anatoly tells community to stop investing in memecoin pre-sales Solana co-founder Anatoly tells community to stop investing in memecoin pre-sales
Millions of dollars have been sent to SOL addresses on the promise of pre-sale tokens for the latest memecoin projects.
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Updated: Mar. 20, 2024 at 4:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana Labs Co-Founder Anatoly Yakovenko has seemingly taken a stand against Solana-based memecoins, calling for investors to “stop doing this” in relation to data showing the high volume of SOL being sent to memecoin pre-sale contracts.
On-chain sleuth ZachXBT shared the image below detailing a list of social media accounts that had recently raised significant funding for memecoins on Solana. Top of the list 0xDekadente raised 169,982 SOL, approximately $30.5 million, while the lowest value project, NftRamo, raised roughly $165,060.
Anatoly quoted the above image and the phrase “stop doing this” with no other comment. Memecoin fervor recently helped drive SOL prices over $200 for the first time since the last bull market and mark a new all-time high market cap.
As of press time, 0xDekedente is attempting to airdrop tokens to pre-sale investors but is struggling due to network congestion. As a result, the account suggested launching the token before airdropping tokens to investors.
“The smolana network is extremely congested and it is impossible to airdrop at the same time as the LP in this moment… we try, but it’s impossible
So, you choose: Launch now and receive the $smole airdrop in the next few hours…
Launch the airdrop and the LP at the same time, this will take a few hours for the network to decongest… We don’t know how much exactly it will take due to the congestion, but we will do it ASAP whatever your decision.”
Currently, the online vote suggests the token will launch before the airdrop happens, meaning investors who contributed to the pre-sale will not have tokens available to sell when the token launches.
As of press time, SOL is down 15% from its local high to trade around $179. Memecoins, seen by some as exit liquidity gambling and important community innovation by others, potentially drive interest in Solana for the wrong reasons.
The memecoin demand is at least acting as a stress test for the network, showcasing the pressure points for network congestion on high demand. Memecoins are struggling to launch liquidity pools and airdrop tokens, while tokens and dApps with actual utility have little to no exposure.
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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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Anatoly Yakovenko is the innovative mind behind Solana, a high-performance layer-1 blockchain.