12 Solana presale memecoins abandoned after just a month

Tom Mitchelhill6 hours ago12 Solana presale memecoins abandoned after just a monthThe 12 now-defunct projects raised a total of $26.7 million by way of a controversial fundraising method known as a presale.3822 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAt least 12 Solana presale memecoins have been “completely abandoned” in the last 30 days after raising a combined $26.7 million from investors, according to figures shared by independent blockchain sleuth ZachXBT. 

In an April 21 post to X, ZachXBT highlighted 12 Solana memecoin projects that raised funds through the controversial presale method, many of which have plunged significantly since launching and one which appears not to have launched any token at all. Source:ZachXBT

According to ZachXBT, the most costly “abandoned” presale project was a memecoin dubbed “I like this coin,” which sported the ticker LIKE.

The project’s pseudonymous founder, pokeee.eth, raised a staggering 52,220 SOL (SOL) tokens ($7.7 million at current prices) for the memecoin and launched the coin on March 17 with a market capitalization of $577 million; however, the memecoin’s value plunged rapidly, falling more than 90% in the first eight hours.

As of the time of publication, LIKE is down 99.2% from its launch price. Notably, the memecoin’s official X account hasn’t made a single new post since March 31 — and pokeee.eth hasn’t mentioned the coin since then either.

The second-largest alleged abandoned presale is for a token called MOONKE.

Launched by another pseudonymous founder, RockyXBT, on March 20 to an outsized valuation of nearly $500 million, MOONKE soon charted a similar path to LIKE, plummeting more than 99% from its launch price in a matter of hours.The MOONKE memecoin failed to gain traction. Source: Birdeye

One project that raised 4,567 SOL ($812,000 at current prices) never even launched its token.

Cointelegraph contacted both pokeee.eth and RockyXBT for comment but did not receive a response by the time of publication.

Related:What are memecoins good for? Social signaling, says Avalanche founder

The market’s enthusiasm for memecoins has dwindled somewhat in recent weeks, with several of the larger Solana-based memecoins, including Dogwifhat (WIF), sliding more than 40% since April 1.Solana memecoin market leader Dogwifhat has tumbled more than 40% since April 1. Source: CoinGecko

At the time, last month’s memecoin frenzy saw several market pundits draw comparisons to the Ethereum initial coin offering (ICO) era boom of 2017 where hundreds of crypto projects raised millions of dollars, but ultimately, most failed to deliver.

One of the most notable Solana presale debacles in recent months came in March when the developer of a memecoin called Slerf (SLERF) claimed to have accidentally burned the entire presale allocation of SLERF in a “fat finger” burn error.

Despite the Slerf dev burning a staggering total of 535,000 SOL (worth around $10 million at the time), the coin soon quickly became a cult favorite among memecoin investors, who rallied behind the token and saw it rally to a market cap peak of around $750 million.

Magazine:1 in 6 new Base meme coins are scams, 91% have vulnerabilities# Blockchain# Cryptocurrencies# Altcoin# Solana# MemecoinAdd reaction