|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Solana Presale Meme Coins Abandoned, Sparking Market Volatility Concerns
Apr 22, 2024 at 04:59 pm
Amidst the presale frenzy, 12 Solana meme coin projects have abruptly ceased operations, collectively raising $26.7 million via controversial methods. Investigations reveal significant token value declines, with one project failing to launch a token altogether. The abandoned projects include "I like this coin," which raised $7.7 million and lost 90% of its value within eight hours, and MOONKE, which plunged 99% from its launch price. This trend reflects a broader downturn in the appeal of meme coins, with even established Solana projects like Dogwifhat experiencing price declines.
Solana Presale Meme Coin Projects Abandoned, Raising Concerns Over Crypto Market Volatility
New Delhi, India - A recent investigation by prominent blockchain detective ZachXBT has revealed that a significant number of Solana presale meme coin projects have been abandoned, raising concerns over the stability and legitimacy of the cryptocurrency market.
Abandoned Projects Raise Millions
According to ZachXBT's findings, at least 12 Solana presale meme coin projects have been abandoned within the past 30 days, collectively raising approximately $26.7 million through controversial presale methods. These projects promised high returns but have since disappeared, leaving investors with significant financial losses.
'I Like This Coin' and Other Notable Failures
One of the most prominent abandoned projects is "I like this coin" (LIKE), which raised a staggering 52,220 Solana (SOL), worth approximately $7.7 million at the time of the presale. However, the LIKE token plummeted by over 90% within hours of its launch on March 17th. As of press time, LIKE is down 83.08% from its launch price, according to CoinMarketCap data. Notably, the official social media accounts for the LIKE project have been inactive since March 31st.
Another abandoned project, MOONKE, raised over $500 million at its peak. However, the token's value rapidly plunged, losing over 99% of its launch price within hours.
Unlaunched Project Raises Concerns
In a particularly alarming case, one project reportedly raised 4,567 SOL, equivalent to over $810,000, but never launched a token. This incident highlights the potential for fraud and mismanagement in the presale process.
Meme Coin Market Declines
The recent abandonments come amidst a broader decline in the appeal of meme coins, which have been losing their momentum in recent weeks. Even larger Solana-based meme coins, such as Dogwifhat (WIF), have lost significant value since April 1st.
Echoes of 2017 ICO Boom
The rise and fall of meme coins bear similarities to the initial coin offering (ICO) boom of 2017. During that period, numerous crypto projects raised millions of dollars but ultimately failed to deliver on their promises. Experts caution that investors should exercise caution when investing in speculative cryptocurrencies.
Expert Commentary
"The abandonment of these presale projects is a reminder of the risks involved in investing in highly volatile crypto assets," said Adam Reed, a cryptocurrency analyst at MarketWatch. "Investors should conduct thorough research and only invest in projects with a proven track record and a solid business model."
Regulatory Scrutiny
The recent incidents have drawn the attention of regulatory authorities. The Securities and Exchange Commission (SEC) is investigating the practices of certain presale platforms and has issued a number of warnings about the potential for fraud.
Conclusion
The abandoned Solana presale meme coin projects highlight the importance of investor due diligence and the need for further regulatory oversight in the cryptocurrency market. Investors should approach speculative investments with caution and carefully consider the risks involved.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bitgert (BRISE) vs Ethereum (ETH) and Solana (SOL) - Which Is a Better Investment?
- Sep 24, 2024 at 10:30 pm
- Ethereum and Solana are both significant players in the altcoin market, the former practically the king of altcoins and the latter a worthy challenger
-
- How to Buy Floki Inu (FLOKI) or GoodEgg (GEGG) Coin
- Sep 24, 2024 at 10:30 pm
- As more investors flock to the cryptocurrency market, the rise of innovative tokens like Floki Inu (FLOKI) and GoodEgg (GEGG) continues to capture attention.
-
- Bybit Launches Islamic Crypto Account for Muslim Investors, Consults ZICO Shariah for Sharia Compliance
- Sep 24, 2024 at 10:30 pm
- Leader in crypto and derivatives exchanges, Bybit has launched a rare service in its crypto-Islamic account aimed at Muslim investors.
-
- As Pepe Coin (PEPE) Market Value Drops, Rexas Finance (RXS) Emerges as a Promising Alternative
- Sep 24, 2024 at 10:30 pm
- As the cryptocurrency market braces for potential shifts, Pepe Coin (PEPE) finds itself at a critical juncture. Currently trading at $0.00000740, PEPE's market cap stands at $3 billion, with a 24-hour trading volume of $384 million. Despite this substantial figure, PEPE has been on a downward trajectory over the past month, marked by declining highs and lows. With retail investor interest cooling, the question arises: Can PEPE regain its early 2024 levels? While the path ahead is uncertain, there is an alternative worth considering—Rexas Finance (RXS), a token priced below $0.10 that promises significant growth potential.
-
- Sanctum Brings the Cloud Card—SOL Card, the First Debit Card Built on Solana, in Partnership with Jupiter Exchange and BasedApp
- Sep 24, 2024 at 10:30 pm
- Unlike the standard debit card, this card improves how customers spend SOL and stablecoins. The SOL card offers a smooth, enjoyable, and interactive payment experience.
-
- aarn Unveils fi 802 AI Quant DeFi Vault, Poised to Disrupt the DeFi Market
- Sep 24, 2024 at 10:20 pm
- The AAVE price has surged by over 20% in the past month as one of the market's leading DeFi solutions recovers from a slump.
-
- Celsius (CEL) Token Surges 300% After Completion of $2.5B Repayment Scheme to Creditors
- Sep 24, 2024 at 10:20 pm
- The Celsius Network's native token, CEL, has seen a dramatic surge of over 300% in the past month following the completion of a $2.5 billion repayment scheme to its creditors.
-
- Dogwifhat (WIF) defies the bears and soars to the top of CoinMarketCap's gainers list
- Sep 24, 2024 at 10:20 pm
- As of this writing, this dog-themed token has increased by 13.12% over the last 24 hours, reaching a price of $1.92.
-
- Bitcoin Miner From Network's Earliest Months Is Sending BTC to Kraken
- Sep 24, 2024 at 10:20 pm
- The wallet first started moving bitcoin to Kraken three weeks ago and has moved 10 BTC so far in three separate transactions.