Over a dozen Solana presale memcoins, which raised approximately $26.7 million from investors within the past month, have been completely deserted as per data from blockchain investigator ZachXBT.
On his X blog on April 21st, ZachXBT called attention to a dozen Solana memcoin initiatives that held contentious presales and went on to experience substantial declines following their launches. One project among them seems to have failed to release a token altogether.
Based on ZachXBT’s information, the most expensive abandoned presale project was called ‘I like this coin’ with the ticker symbol LIKE.
A hidden founder using the alias pokeee.eth successfully gathered an impressive amount of 52,220 Solana tokens (equivalent to $7.7 million at present values) for their meme coin project. This coin was introduced on March 17 with a market capitalization of a significant $577 million. Regrettably, the value of this meme coin experienced a sharp decline, dropping more than 90% within just the initial 8 hours.
At the point when this article is released, LIKE has dropped approximately 99.2% in value from its initial price. It’s worth noting that the coin’s official X social media account hasn’t published any new content since March 31, and pokeee.eth hasn’t referred to the token since then as well.
The second-largest alleged abandoned presale is for a token called MOONKE.
In March 2021, MOONKE was introduced anonymously by RockyXBT with a substantial valuation of approximately $500 million. Similar to LIKE’s trajectory, MOONKE experienced a dramatic decline, dropping over 99% from its launch price within hours.
One project that raised 4,567 SOL ($812,000 at current prices) never even launched a token.
I reached out to Pokeee and RockyXBT at CryptoMoon for their perspectives, but they hadn’t gotten back to us before our article went live.
In the past few weeks, there’s been a noticeable decrease in excitement for memecoins within the market. Notably, some larger memecoins built on the Solana network, such as Dogwifhat (WIF), have dropped over 40% from their April 1 prices.
Last month’s memecoin craze reminded some market analysts of the Ethereum ICO boom in 2017, during which numerous cryptocurrency projects amassed millions of dollars in funding. However, the vast majority of these projects unfortunately did not meet their promises.
In March, there was a significant incident involving Solana’s pre-sale market, where the creator of a memecoin named Slerf claimed they unintentionally destroyed the entire pre-sale supply of their coin, SLERF, due to a “fat finger” mistake. This error occurs when someone mistakenly enters an incorrect quantity of tokens during a transaction, leading to unintended consequences.
Although Slurf dev inadvertently spent an enormous amount of 535,000 SOL, equivalent to approximately $10 million, the coin unexpectedly gained popularity among memecoin investors. Enthusiasts passionately supported the token, leading it to reach a market capitalization of around $750 million at its peak.
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2024-04-22 05:13