Solana Memecoin Frenzy Echoes ICO Boom, Leaving Investors High and Dry as Abandoned Projects Evaporate

Twelve Solana-based memecoins, which raised a combined $26.7 million in presales, have been abandoned within a month, highlighting the speculative and volatile nature of such cryptocurrency ventures. The event evokes memories of the tumultuous ICO craze of 2017.

Solana Memecoin Frenzy Echoes ICO Boom, Raising $26.7 Million Before Abandoned Projects Leave Investors High and Dry

In a sobering reminder of the highly volatile and speculative nature of the cryptocurrency market, a flurry of 12 Solana-based memecoins, which collectively raised a substantial $26.7 million through presales within the past month, have been abruptly abandoned by their creators. This recent phenomenon bears striking similarities to the infamous ICO frenzy of 2017, when numerous projects secured significant funding but ultimately failed to deliver on their promises.

Mass Abandonment of Solana Memecoins Leaves Investors Reeling

According to meticulous research conducted by ZachXBT, a renowned blockchain investigator, at least 12 Solana-based memecoins have been "completely abandoned" in the past 30 days after successfully raising $26.7 million from unsuspecting investors. ZachXBT's comprehensive analysis, published on Medium on April 21st, meticulously documents each of these memecoin projects that amassed funds through the controversial presale mechanism. Since their initial launches, several of these projects have experienced catastrophic declines in value, with one project notably failing to issue any tokens despite securing funding.

'I Like This Coin' Leads Presale Debacle, Plunging 99.2% from Debut Price

ZachXBT's investigation revealed that the most egregious "abandoned" presale project was a memecoin known as 'I like this coin,' which traded under the ticker LIKE. The project's pseudonymous founder, operating under the alias pokeee.eth, managed to raise an astonishing 52,220 Solana (SOL), equivalent to approximately $7.7 million at current market prices, for the memecoin. On March 17th, 'I like this coin' was launched with an inflated market capitalization of $577 million. However, the memecoin's value plummeted precipitously, losing more than 90% of its value within the initial eight hours of trading. At the time of this report's publication, LIKE had declined by a staggering 99.2% from its peak launch price. Notably, the memecoin's official Medium account has not posted any updates since March 31st, and pokeee.eth has maintained a conspicuous silence on the project's status.

MOONKE Crashes 99% Post-Launch, Mirroring ICO Boom's Troubled Trajectory

The second-largest purportedly abandoned presale involved a memecoin named MOONKE. MOONKE, founded by another pseudonymous creator known as RockyXBT, was launched on March 20th with an inflated valuation of approximately $500 million. Emulating the dismal fate of 'I like this coin,' MOONKE swiftly shed more than 99% of its launch value within hours of its release. Compounding the concerns, one project, which had raised 4,567 SOL (approximately $812,000 at current pricing), inexplicably failed to deliver any tokens to its investors. Cointelegraph's attempts to contact both Pokeee and RockyXBT for comments on the abandoned projects proved unsuccessful at the time of this report's publication.

Echoes of 2017 ICO Boom Haunt Solana Memecoin Frenzy

Several seasoned market analysts have drawn parallels between the recent Solana memecoin frenzy and the Ethereum-based initial coin offering (ICO) boom of 2017. During that period, countless cryptocurrency ventures secured millions of dollars in funding through ICOs but ultimately failed to deliver on their ambitious promises, leaving investors disillusioned and facing substantial losses.

One of the most infamous Solana presale debacles in recent memory occurred in March, when the anonymous developer of a memecoin called Slerf inadvertently burned the entire presale allocation of SLERF tokens in an alleged "fat finger" mishap. Despite this catastrophic blunder, in which the Slerf developer incinerated an astounding 535,000 SOL (worth over $10 million at the time), the coin unexpectedly gained a cult following among memecoin enthusiasts. Investors rallied around the token, propelling its market capitalization to a peak of approximately $750 million.