Within the wake of the memecoin frenzy, over $25 million invested in pre-sold Solana memecoins has been left stranded, with greater than half of the highest initiatives deserted inside only one month.
ZachXBT’s investigation recognized 12 Solana memecoin initiatives which were abandoned by their founders, leaving buyers within the lurch. Solana Co-Founder Anatoly Yakovenko expressed skepticism in direction of the development, stating, “Pre-selling a meme doesn’t make any sense to start with.” Yakovenko beforehand cautioned towards investing in memecoin pre-sales, highlighting the riskiness of such endeavors.
Of the 22 initiatives initially scrutinized, ZachXBT revealed that 12 have already been abandoned inside a month. Notable amongst these are LIKE, MOONKE, FROG, TEMPLE, and SORRY, which collectively raised over $2 million. Different initiatives, together with these like @Jared_eth, raised substantial funds with out even launching a token, with one account flagged as compromised by the web3 safety platform Pocket Universe.
The memecoin frenzy has now shifted to the Coinbase-backed Base blockchain, indicating a scarcity of classes realized from the Solana debacle, in accordance with ZachXBT.
In the meantime, the value of SOL, Solana’s native token, has witnessed a major decline for the reason that memecoin growth. Though SOL surged to over $200 through the peak of the frenzy, largely fueled by memecoin hypothesis, it has since plummeted to $154 as of the most recent information. This represents a 23% lower, regardless of SOL having already bounced again roughly 30% from its current low of $117 on April 13.
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