A recent surge in Solana memecoin pre-sales has left investors reeling, with over $25 million being rug pulled in the past month. Shockingly, more than 50% of the top projects have been abandoned, with some never even managing to launch a token.
Anatoly Yakovenko, the Co-Founder of Solana, has been critical of this trend, stating, “Pre selling a meme doesn’t make any sense to begin with.” Yakovenko warned users against investing in memecoin pre-sales after discovering that the top 22 projects had collectively raised over $100 million.
Unfortunately, ZachXBT has now revealed that 12 of these projects have been abandoned just one month later. Among the abandoned projects are LIKE, MOONKE, FROG, TEMPLE, and SORRY, which collectively raised over $2 million. Other projects raised varying amounts, with one user (@Jared_eth) raising around $800,000 without even launching a token. It’s worth noting that @Jared_eth’s account has been flagged as compromised by the web3 security platform Pocket Universe.
The memecoin frenzy has now shifted to the Coinbase-backed Base blockchain, with ZachXBT noting that similar events are unfolding there. The price of SOL, the native cryptocurrency of Solana, has plummeted since the memecoin craze. While it briefly reached over $200, mostly fueled by memecoins, it has now dropped to $154. This marks a 23% decline from its peak, although SOL has managed to recover about 30% from its recent low of $117 on April 13.
