Back to main

Over $26 Million Lost as Dozens of Solana Memecoin Presales Abandoned Last Month

Over the past month, at least 12 memecoins presold on the Solana blockchain have been reportedly abandoned after collectively raising $26.7 million.

Independent blockchain investigator ZachXBT detailed these findings in a recent post on the social platform X, highlighting the volatility and risks associated with such investments.

ZachXBT pointed out that the projects utilized the controversial presale method to gather funds, with several experiencing significant losses shortly after their launch.

One of the memecoins did not even release a token.

The most dramatic decline was observed in the memecoin “I like this coin” (LIKE), which was initiated by the pseudonymous founder pokeee.eth.

This particular token amassed 52,220 SOL (approximately $7.7 million) and debuted with a market capitalization of $577 million on March 17.

However, it lost over 90% of its value within just eight hours of launching. Currently, LIKE has plummeted by 99.2% from its initial price.

The official X account for LIKE has been inactive since March 31, with no further updates or comments from its founder, pokeee.eth, about the project since then.

Another significant project, dubbed MOONKE, faced a similar fate.

READ MORE: Bitcoin’s Fourth Halving Sparks Bullish Outlook Amid ETF Growth and Record Highs

Launched on March 20 by RockyXBT, MOONKE initially boasted a nearly $500 million valuation but also saw its price drop more than 99% shortly after.

Other projects, like one that raised 4,567 SOL (around $812,000), failed to launch their tokens entirely.

Attempts by Cointelegraph to reach the founders, including pokeee.eth and RockyXBT, for comments were unsuccessful.

The broader market sentiment towards Solana-based memecoins has cooled, with leading tokens such as Dogwifhat (WIF) dropping more than 40% since the start of April.

This trend reflects a growing skepticism similar to that witnessed during the Ethereum ICO boom in 2017, a period marked by rampant speculation and high-profile failures.

Among the noted incidents, the developer of the Slerf (SLERF) memecoin accidentally destroyed the entire presale allocation of the token in a so-called “fat finger” burn error in March.

Despite this significant setback, involving 535,000 SOL (valued at about $10 million at that time), SLERF gained a cult following and briefly surged to a market cap of approximately $750 million.

To submit a crypto press release (PR), send an email to [email protected].

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer