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Blockchain detective ZachXBT shared that after raising a total of $26.7 million from investors, at least 12 Solana pre-sale memecoin projects were completely abandoned in the last 30 days. On April 21, in a post shared via X, ZachXBT highlighted 12 Solana memecoin projects that raised funds through the controversial pre-sale method.
What’s Happening in the Memecoin Space?
According to the famous figure, most of the projects he shared have significantly declined since their launch, and one appears not to have launched any token at all. According to ZachXBT, the most costly abandoned pre-sale project was a memecoin called LIKE.
The founder of the project, pokeee.eth, surprisingly collected $7.7 million worth of 52,220 Solana for the memecoin and launched the token on March 17 with a market value of $577 million, but the value of the memecoin project dropped by 90% in the first 8 hours. At the time of writing, LIKE had dropped by 99.2% from its launch price. Notably, the official X account of the memecoin project has not posted a single new post since March 31, and pokeee.eth has not mentioned cryptocurrency since then.
The second largest pre-sale claimed to be abandoned was a token called MOONKE. Launched by RockyXBT on March 20 with a large valuation of approximately $500 million, MOONKE soon followed a similar path to LIKE, dropping more than 99% from its launch price within a few hours. The project collected $812,000 worth of 4,567 SOL but did not even carry out the token launch.
Solana Ecosystem and Memecoin Culture
Market interest in memecoin projects has decreased somewhat in recent weeks; including Dogwifhat (WIF), many of the larger memecoin projects based on Solana have lost more than 40% of their value since April 1. The memecoin frenzy last month led many market experts to make comparisons with the 2017 Ethereum ICO boom, during which hundreds of crypto projects collected millions of dollars but ultimately most failed.
One of the most notable pre-sale fiascos in Solana recently occurred in March, when a memecoin developer named Slerf claimed to have accidentally burned all the pre-sale allocations of the memecoin SLERF due to a fat finger incident.
Slerf developer burned an astonishing amount of 535,000 SOL worth $10 million, yet the cryptocurrency quickly became a cult favorite among memecoin investors; they rallied behind the token and managed to reach a market value peak of approximately $750 million.
