Mass Exodus: 12 Solana Meme Coins Vanish with $26.7 Million

Blockchain expert ZachXBT exposed that 12 meme coin projects on Solana were abandoned abruptly post-presale. These projects collectively raised $26.7 million, leaving investors stranded. Presales, criticized for low transparency and proneness to rug pulls, were the primary launch method for many of these meme coins.

Solana Meme Coin Debacle: 12 Projects Abandon Ship After Raising $26.7 Million

By The Crypto Times

In a stunning revelation that has sent shockwaves through the cryptocurrency community, 12 meme coin projects on the Solana blockchain have abruptly vanished, leaving investors high and dry after collectively raising a hefty $26.7 million.

Blockchain sleuth ZachXBT uncovered the disturbing pattern, highlighting that these projects mysteriously abandoned their endeavors shortly after conducting their presales last month. The sudden mass exodus has left a trail of broken promises and empty wallets in its wake.

"Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M). Would avoid any future projects launched by these founders," ZachXBT tweeted, raising alarm bells for potential investors.

Presales, a common fundraising mechanism in the cryptosphere, have come under fire due to their opaque nature and vulnerability to "rug pulls," where developers flee with investor funds after promoting a project.

Among the abandoned projects, "I like this coin" (LIKE) stands out as a prime example of the risks involved. After raking in 52,220 Solana tokens worth $7.7 million, LIKE nosedived by a staggering 90% post-launch, leaving investors reeling.

MOONKE, a project spearheaded by RockyXBT, met a similar fate, losing an astonishing 99% of its value upon debut. Other projects, despite securing significant funding, failed to even materialize their promised tokens.

The Solana ecosystem, once hailed for its speed and scalability, has recently been plagued by a string of setbacks that have eroded market confidence. This has cast a shadow over the allure of meme coins, with even prominent Solana-based projects like dogwifhat (WIF) plummeting over 40% since April.

The latest debacle underscores the inherent volatility and unpredictability of meme coins, whose value can swing wildly due to market sentiment. Solana, while attractive to speculative ventures due to its high transaction speed and low fees, has inadvertently become a breeding ground for dubious projects that prey on unsuspecting investors.

The crypto community is urged to exercise caution when investing in meme coins, especially those that raise funds through presales. The absence of regulatory oversight and the possibility of rug pulls should serve as stark reminders that the pursuit of quick profits in the cryptocurrency realm comes with significant risks.