12 Solana Presale Meme Coin Projects ‘Completely Abandoned’ Less than Month Later

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In the past 30 days, at least 12 meme coin projects on the Solana platform that held presales have been completely abandoned, as reported in a recent post by well-known independent blockchain investigator ZachXBT.

According to the article, the projects in question had amassed a total of $26.7 million through fundraising. This was achieved using a contentious presale method. Subsequent probes have shown that almost all the tokens have experienced a significant decline in value since their launch. One token, in particular, failed to gain any traction during its launch.

ZachXBT explained that among the meme coins offered during the presale of Solana, ‘I like this coin’ (LIKE) stood out as the costliest with an estimated value of around $7.7 million, raised from 52,220 Solana tokens at launch. The market capitalization for LIKE was initially set at a massive $577 million on March 17. However, within just the first eight hours after its release, it had lost over 90% of its value. As reported by CoinMarketCap, as of now, LIKE has dropped a total of 83.08% from its initial price.

Since March 31, the representative X account for LIKE coin hasn’t shared any updates aside from price fluctuations. Similarly, the coin’s alleged creator, pokeee.eth, has been quiet about it for an extended period.

A noteworthy abandoned presale meme coin project with a significant launch is MOONKE. Debuting on March 20th, this token entered the market with an impressive valuation of approximately $500 million. Regrettably, MOONKE followed in the footsteps of LIKE and experienced a steep decline, dropping over 99% from its initial price within a short timeframe.

Significantly, the project is said to have garnered approximately 4,567 SOL in funding (equivalent to around $810,000 based on present SOL prices), yet it failed to initiate the launch of its token.

Meme Coin Frenzy Dying Down?

In the meantime, it’s important to consider the possibility of larger factors at work as the interest in memecoins on the market has decreased noticeably in the past few weeks. For a clearer understanding, even some popular meme coins built on the Solana platform have experienced significant losses recently. For example, Dogwifhat (WIF) has dropped by more than 45% since April 1st.

Meme coins have significantly lost their strength in recent times. Not so long ago, they were making remarkable strides and caused market analysts to bring up memories of the 2017 Ethereum Initial Coin Offering (ICO) boom. However, it’s important to remember that numerous crypto projects raked in massive funds during this era but ultimately fell short of meeting expectations.

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2024-04-22 12:00