Solana

Memecoin

ZachXBT

A recent estimate reveals that more than a dozen memecoin pre-sales on Solana have been abandoned soon after raising funds.
More than a dozen of the <a href="https://crypto.news/tag/memecoin/" target="_blank" rel="noopener noreferrer nofollow">memecoin</a> pre-sales on <a href="https://crypto.news/tag/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>, which collectively generated over $26 million over the past month, have been abandoned, suggesting a potentially larger scale of scam activity amid investors’ eagerness to capitalize on March’s memecoin craze.
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 Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising &gt;180,650 SOL ($26.7M). Would avoid any future projects launched by these founders. <a href="https://t.co/J0zFldRIa6" target="_blank" rel="noopener noreferrer nofollow">https://t.co/J0zFldRIa6</a> <a href="https://t.co/K610MAEPMn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/K610MAEPMn</a>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1782130097895477469?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 21, 2024</a>
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According to recent calculations done by blockchain sleuth ZachXBT, the identified set of pre-sale memecoins allocated over 180,650 SOL tokens, equivalent to approximately $28 million at the time of reporting.
You might also like: <a href="https://crypto.news/solana-meme-coin-team-rug-pull/" rel="noopener noreferrer nofollow"> Solana-based meme coin team suspected of nearly $1m rug pull </a>
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 “Would avoid any future projects launched by these founders.”
 ZachXBT
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Among the identified pre-sales, one user, going by the alias @pokeepandaa, raised over 52,000 SOL for the LIKE token, representing nearly 30% of the total identified memecoin pre-sales that were abandoned post-fundraising, according to ZachXBT’s calculations.
Starting from mid-March, it’s understood that more than 35 memecoin pre-sales have taken place in the Solana ecosystem, amassing over $150 million worth of SOL. However, not all of these projects followed the trajectory of the latest identified cohort, ZachXBT added. In a follow-up X post, the blockchain sleuth also <a href="https://x.com/zachxbt/status/1782134434285617427" target="_blank" rel="noopener noreferrer nofollow">noted</a> that the same trend can now be observed on Base, a layer-2 solution developed by Coinbase.
As crypto.news <a href="https://crypto.news/solana-network-plagued-by-bot-spams-record-number-of-transactions-fail/" target="_blank" rel="noopener noreferrer nofollow">reported</a> earlier, the surge in memecoin prices has prompted the deployment of trading bots on the Solana network, aiming for arbitrage trades, which, when unavailable, result in failed transactions. Eventually, those failed transactions, labeled as “bot spam,” constituted the vast majority of the failed transactions on Solana, as per Helis CEO Mert Mumtaz.
Read more: <a href="https://crypto.news/ethereums-buterin-slams-solanas-racist-meme-coins-urges-better-projects/" rel="noopener noreferrer nofollow"> Ethereum’s Buterin slams Solana’s racist meme coins, urges better projects </a>

Memecoin developers rugpulled over $26m in pre-sales on Solana amid March’s craze

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