The Solana memecoin pre-sale has netted traders greater than $25 million over the previous month as greater than 50% of the principle initiatives have been deserted, with some by no means even launching the token.
Solana co-founder Anatoliy Yakovenko maintained his detrimental stance on the phenomena, commenting: “Meme pre-sale is not sensible to start with.” On the time, Yakovenko urged customers to cease investing in memecoin pre-sales after sharing a picture of the highest 22 initiatives that raised over 100 million {dollars}.
Of the 22 initiatives, ZachXBT revealed that 12 had already been deserted only one month later. Deserted initiatives embrace LIKE, MOONKE, FROG, TEMPLE, and SORRY, which raised over $2 million. Different initiatives earned between $1.4 million and $180,000, with X person @Jared_eth getting round $800,000 with no token launch. Notably, the @Jared_eth account is listed as compromised by the web3 safety platform Pocket Universe.
Memecoin mania has since moved to the Coinbase-backed Base blockchain, with ZachXBT commenting that “no person discovered something as a result of the identical factor is occurring on Base.”
The value of SOL has dropped considerably for the reason that memecoins have been spent. At its peak, SOL reached greater than $200, fueled largely by memecoins, however has since fallen to $154 at press time. The 23% decline comes after SOL has already recovered 30% from its native low of $117 on April 13.
