ZachXBT Exposes 12 Abandoned Solana Presale Meme Coin Projects

ZachXBT revealed that 12 Solana pre-sale meme coin projects have been “completely abandoned” within the last month.

This comes after these projects raised a total of $26.7 million from investors.

Abandoned Solana Meme Coin Project

In an April 21 post about X, ZachXBT named these projects and warned investors against getting involved with future projects by publicly traded founders.

This warning comes as a result of the downturn many of these projects experienced shortly after their launch, with some failing to release actual tokens.

The funding was led by the “I like this Coin” (LIKE) project created by pseudonymous founder pokeee.eth. 52,220 Solana (SOL), equivalent to $7.7 million at current market prices.

However, the coin’s value plummeted by more than 90% within the first eight hours of trading. As of this writing, LIKE has suffered a 99.2% drop from its launch price.

Adding to the concerns, the memecoin founder’s official X account has not posted anything new since March 31st, and pokeee.eth has also not provided any updates regarding the token since then.

Following closely behind LIKE is the meme coin MOONKE, launched by another anonymous person, RockyXBT. Despite an initial valuation close to his $500 million, MOONKE suffered a similar fate to his predecessor, drop The value reached more than 99% soon after it was introduced to the market.

Another project started by founder Jared_eth raised 4,567 SOL worth about $812,000, but it never materialized as the tokens were not launched.

Scammers exploit meme coin craze

A recent study conducted by cybersecurity firm Blockaid found that 50% of pre-sale tokens launched on the Solana blockchain between November 2023 and February 2024 were malicious.

Ido Ben-Natan, co-founder of Blockaid, attributes this increase in fraud to the increased adoption of pre-sale tokens from February to March due to the popularity of legitimate meme coins.

He also highlighted how scammers take advantage of users’ fear of missing out (FOMO) during times of heightened interest.

This investigation specifically identified individuals like Jared_eth and Bluekirbyftm, who were also mentioned in ZachXBT’s recent posts, as scammers.

One notable incident involving the Solana presale token occurred in March. The developer of a meme coin called Slerf has claimed that he accidentally burned his entire presale allocation due to a “fat finger” writing error.

Meanwhile, market enthusiasm for meme coins has waned in recent weeks, with some Solana-based tokens such as dogwifhat (WIF) suffering over 40% declines.

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