Twelve Solana Presale Tokens Abandoned Within a Month

At least 12 presale meme coins on the Solana network, which collectively raised $26.7 million, were abandoned a month after their launch, according to on-chain investigator ZachXBT.

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. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn

— ZachXBT (@zachxbt) April 21, 2024

“Would avoid any future projects launched by these founders,” the researcher stated.

According to ZachXBT, the most costly abandoned presale coin was I like this coin (LIKE), with users sending developers 52,220 SOL (~$7.7 million).

The token was launched on March 17 with an initial market capitalization of $557 million. Within the first eight hours, LIKE’s price plummeted by 90%. At the time of writing, the asset is trading nearly 100% below its initial price.

The second-largest presale token was MOONKE by RockyXBT, which attracted 37,470 SOL (~$5.7 million). It dropped by 90% from its starting price within hours of launch.

A project by a user named Jared_eth, which received 4,567 SOL (~$703,000), failed to launch the promised token altogether.

The overall hype around meme coins has also waned. The Solana token dogwifhat (WIF) fell by 5.7% over the past day, with its market capitalization dropping below $3 billion.

Earlier, Blockaid reported that about 50% of projects on the Solana network using the presale distribution model turned out to be fraudulent.

ZachXBT calculated that between March 12 and 20, 33 token presales on Solana raised nearly $140 million. Among them, the analyst highlighted several scams with total losses of approximately $4.4 million, acknowledging that this is far from a complete list.

In early April, the team behind the meme coin URF vanished with 2,400 SOL (~$450,000) collected during the coin’s presale. The perpetrators executed the scheme in less than 24 hours after the start of the preliminary sales.