Solana Meme Coins Abandoned After $26m Pre-sales

Over a dozen Solana memecoin pre-sales that raked in a combined $26 million last month have been abruptly halted, raising concerns of widespread scams.

A meme coin buying spree hit Solana in mid-March, with over 35 pre-sales raising $150 million in SOL tokens. However, the crypto space has since witnessed over $26 million worth of Solana (SOL) lost in rugged presales of Solana meme coins. Crypto expert ZachXBT has highlighted this alarming situation, uncovering the significant losses suffered by investors.

Solana Meme Coin Investors Left High and Dry

The latest event in the crypto space shows that investors in over a dozen Solana meme coin projects are facing disappointment after the developers disappeared following successful pre-sales that collectively raised over $26 million. The most prominent rug pulls include Pokeepandaa, which raised a staggering $4 million, followed by RockyXBT and Pepecasso1.

Following this recent event, crypto analyst ZachXBT addressed the situation on his X account and shared his disappointment towards meme coins founders involved. He also disclosed his decision not to work with them again.

Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).
Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn
— ZachXBT (@zachxbt) April 21, 2024

Investors in the crypto world have been wary of the recent surge in meme coin pre-sales on the SOL blockchain. These presales promise high returns but often lack transparency, making it easy for scammers to steal investor funds.

Following a tip from blockchain investigator ZachXBT, many of these projects have seen their value plummet. One project appears to be a complete sham, with no tokens ever being launched. Investigator ZachXBT also warned on X that similar scams are popping up on Base, a new platform built on top of Ethereum.