Twelve Solana presale meme currency initiatives have reportedly been "completely abandoned" in the past month, according to ZachXBT.
This comes after investors contributed a total of $26.7 million to the projects.
Suspended Solana Meme Coin Plans
ZachXBT identified these ventures specifically and cautioned investors not to associate with any upcoming companies by the mentioned founders in a post published on X on April 21.
Many of these projects saw a decline soon after their introduction, and others even failed to release a token. This is the reason for the warning.
In terms of money raised, the “I like this coin” (LIKE) initiative, which was started under the alias pokeee.eth, took the lead. 52,220 Solana (SOL), or $7.7 million at today's market prices, were acquired.
Nevertheless, in the first eight hours of trade, the coin's value fell by more than 90%. Since its inception, LIKE's price has dropped by 99.2% as of the time of publication.
Concern is increased by the fact that pokeee.eth and the founder of the meme coin's official X account have not updated on the token since March 31.
RockyXBT, an additional unidentified individual, introduced the meme coin MOONKE, which trailed closely following LIKE. Though MOONKE's initial valuation was close to $500 million, it suffered a similar fate to its predecessor, losing more than 99% of its value soon after going on sale.
Another project that founder Jared_eth started and that raised 4,567 SOL, or roughly $812,000, was unsuccessful to materialize as no token was ever launched.
Con artists Prey on the Meme Coin Craze
50% of the presale tokens that were introduced on the Solana blockchain between November 2023 and February 2024 were discovered to be harmful, according to a recent analysis by cybersecurity company Blockaid.
Blockaid co-founder Ido Ben-Natan linked the surge in fraudster activity to the adoption of presale tokens in February and March, which was fueled by the need for reputable meme currencies.
Additionally, he emphasized how con artists use people's fear of missing out (FOMO) at these times of increased attention.
The study explicitly labeled as scammers people like Bluekirbyftm and Jared_eth, who ZachXBT also referenced in his most recent post.
Meanwhile, in recent weeks there has been a decline in market enthusiasm for meme coins, with several Solana-based tokens, such as dogwifhat (WIF), experiencing slides of over 40%.
April 2024, Cryptoniteuae