The memecoin craze continues, but cases of spectacular scams are becoming more and more common. One of them is mentioned on the website X by user ZachXBT. These are 12 memecoins on Solana that were abandoned by their creators just a month after a controversial fundraising method called presale. Will there be more such scams?
Memecoin LIKE drops by 99.2% from its launch price
The attitude towards memecoins in the cryptocurrency community is rather overwhelmingly positive. Some even claim that memecoins will become a kind of Trojan horse that will allow for faster adoption of cryptocurrencies in society. It turns out that this comparison has aged exceptionally badly, in the light of the events presented by user ZachXBT, a well-known blockchain detective operating on the X portal.
In a post from April 21, ZachXBT points to 12 memecoins on Solana that raised funds from users through the controversial presale method. One of the most expensive (in terms of funds raised by the community) is the presale memecoin project called “I like this coin”, which had the symbol LIKE.
Pokeee.eth, the anonymous founder of the project, raised as much as SOL 52,220 (USD 7.7 million) to start memecoin. The coin launched on March 17 with a market capitalization of $577 million, but the value of memecoin plummeted by over 90% within the first 8 hours of launch. LIKE has fallen by as much as 99.2 from its starting price by this point. Interestingly, the official LIKE memecoin account on Portal X has not published any new entries since March 31.
12 memecoins on Solana and a fraud worth over USD 26 million!
This is just one example of memecoins funded using the pre-sale method and abandoned after just a month of launch. The second record holder on the list is an abandoned presale token called MOONKE. It was launched by another anonymous founder using the pseudonym RockyXBT. The MOONKE token with an inflated capitalization of USD 500 million shared the fate of the LIKE memecoin and fell by over 99% compared to its launch stage. All this a few hours after memecoin launched.
The most abstract example is one project that raised 4,567 SOL ($812,000) and did not even launch the token. The examples provided by ZachXBT clearly show that you need to be very careful in the memecoin market. Scammers are taking advantage of the current craze for digital assets, and the 12 memecoins on Solana abandoned after just a month of launch (some even faster) are a clear example of this. A blockchain detective calculated that the 12 abandoned memecoins were a scam with a total value of over USD 26.5 million. Once again, investors are guided by the DYOR principle, i.e. Do Your Own Research.
