Solana Memecoin Presales Yield Minimal Returns, Leaving Investors with Severe Losses

In the past month, 12 Solana presale memecoins have been abandoned, raising $26.7 million. The largest, "I like this coin," raised $7.7 million and lost 99.2% of its value within hours. MOONKE, the second-largest, followed suit, losing 99% of its value. One project raised $812,000 but never launched a token.

Solana Memecoin Presales Yield Minimal Returns, Leaving Investors with Significant Losses

In a recent analysis, blockchain investigator ZachXBT has identified at least 12 Solana-based memecoin projects that raised a combined $26.7 million through presales but have since been "completely abandoned."

"Abandoned" Presale Projects Raise Concerns

The analysis, published on April 21st, highlighted 12 memecoin projects that garnered funds through presales. Many of these projects have since experienced significant declines in value, while one has seemingly failed to launch a token entirely.

Most Costly Abandoned Project: 'I Like This Coin' (LIKE)

The most significant "abandoned" presale project, according to ZachXBT, is 'I Like This Coin' (LIKE). Its pseudonymous founder, pokeee.eth, raised an astonishing 52,220 Solana (SOL), equivalent to $7.7 million at current prices. The memecoin debuted on March 17th with a market capitalization of $577 million. However, its value plummeted rapidly, declining over 90% within the first eight hours.

At the time of writing, LIKE's value had plummeted by 99.2% from its launch price. Notably, the memecoin's official Twitter account has not posted since March 31st, and pokeee.eth has made no mention of the project since then.

Second-Largest Abandoned Presale: MOONKE

Another alleged abandoned presale is MOONKE, a token launched by RockyXBT on March 20th with an inflated valuation of nearly $500 million. Following a similar trajectory to LIKE, MOONKE's value plummeted by over 99% from its launch price within hours.

One Project Fails to Launch Token

ZachXBT's analysis also identified one project that raised 4,567 SOL ($812,000 at current prices) but never released a token.

Lack of Transparency and Accountability

Attempts by Cointelegraph to contact both Pokeee and RockyXBT for comment were unsuccessful. This lack of communication and transparency raises concerns about the legitimacy of these projects.

Declining Interest in Memecoins

The market's enthusiasm for memecoins has waned in recent weeks. Several prominent Solana-based memecoins, including dogwifhat (WIF), have shed more than 40% of their value since April 1st.

Comparisons to Crypto Market Boom and Bust of 2017

The recent Solana memecoin frenzy has drawn parallels to the Ethereum initial coin offering (ICO) era of 2017, when numerous crypto projects raised substantial funds but ultimately failed to deliver.

Slerf Mishap Highlights Presale Risks

In March, one of the most notable Solana presale controversies occurred when the developer of Slerf accidentally burned the entire presale allocation of the SLERF memecoin in a "fat finger" error. Despite the loss of 535,000 SOL (valued at $10 million at the time), SLERF emerged as a memecoin cult favorite, reaching a peak market cap of approximately $750 million.

Ongoing Scam Concerns

A recent report by Base Magazine revealed that approximately 1 in 6 new Solana meme coins are scams, while 91% possess vulnerabilities. These findings underscore the inherent risks associated with memecoin investments.

Conclusion

Numerous Solana-based memecoin projects launched through presales have failed to meet expectations, leaving investors with significant financial losses. The lack of transparency and accountability exhibited by the founders of these projects, coupled with the declining interest in memecoins, raises questions about the long-term viability of such investments.