Solana Memecoin Presales: $26.7 Million Vanishes as 12 Projects Abandoned

In the past month, 12 Solana presale memecoins, including "I like this coin" (LIKE) and MOONKE, have allegedly been abandoned after raising a combined $26.7 million, according to independent blockchain investigator ZachXBT. These projects have witnessed significant price drops since launch, with LIKE losing 99.2% and MOONKE failing to gain traction. Notably, one project raised $812,000 without ever launching a token.

Solana Memecoin Presales: $26.7 Million Raised, 12 Projects Abandoned

In a concerning development, at least 12 Solana-based memecoin presale projects, collectively raising a significant $26.7 million from investors, have been abruptly abandoned within the past 30 days, according to data gathered by independent blockchain investigator ZachXBT.

Abandoned Projects and Their Founders

ZachXBT's April 21 report on Twitter detailed 12 specific memecoin ventures that utilized the controversial presale fundraising method. These projects have since experienced precipitous declines in value, and in one instance, a token launch never materialized at all.

Among the abandoned presale projects, 'I Like This Coin' (LIKE), stands out as the most egregious offender. Its pseudonymous founder, pokeee.eth, raised an impressive 52,220 Solana (SOL), or approximately $7.7 million at current prices. The coin debuted on March 17 with a market capitalization of $577 million, but its value plummeted rapidly, losing over 90% within the first eight hours. As of writing, LIKE has nosedived by 99.2% from its launch price. The official Twitter account for LIKE has been inactive since March 31, and pokeee.eth has not made any mention of the coin since then.

The second major abandonment involves a token known as MOONKE. Launched on March 20 by another anonymous founder, RockyXBT, MOONKE initially garnered an inflated valuation of nearly $500 million. However, it soon followed a similar trajectory to LIKE, losing over 99% of its value within hours. MOONKE has failed to gain momentum and has virtually no traction.

One project, which raised 4,567 SOL (approximately $812,000), never even released a token.

Missed Communication and Lack of Transparency

Cointelegraph attempted to contact both pokeee and RockyXBT for comment, but no responses were received before publication. This lack of communication and transparency among project founders is a common thread in these abandoned presale ventures.

Diminishing Enthusiasm for Memecoins

In recent weeks, the market's fervor for memecoins has waned, with several prominent Solana-based projects, including dogwifhat (WIF), shedding over 40% of their value since April 1. Even dogwifhat, the leading Solana memecoin, has experienced a significant decline of over 40%.

Comparisons to Crypto Boom and Bust

The recent frenzy surrounding memecoins has drawn comparisons to the Ethereum initial coin offering (ICO) boom of 2017, where numerous crypto projects raised substantial capital but ultimately failed to deliver.

Slerf Debacle

One of the more notable Solana pre-sale debacles occurred in March when the developer of a memecoin called Slerf mistakenly burned the entire pre-sale allocation of the SLERF token in a "fat finger" error. Despite this setback, Slerf has become a cult favorite among memecoin enthusiasts, with its market capitalization climbing to around $750 million.

Conclusion

The abandoned presale projects on Solana underscore the risks associated with investing in unregulated and speculative investments. Investors are advised to proceed with caution and conduct thorough due diligence before committing funds to such ventures. The market's recent volatility and the lack of transparency exhibited by some project founders highlight the need for robust regulatory oversight and investor education in the cryptocurrency space.