ZachXBT has revealed that 12 Solana presale meme coin tasks have been “fully deserted” throughout the final month.

That is after the tasks collectively amassed $26.7 million from buyers.

Deserted Solana Meme Coin Initiatives

In an April 21 submit on X, ZachXBT singled out these tasks and warned buyers in opposition to associating with any future tasks by the listed founders.

Only one month has handed and 12 of the Solana presale meme cash have been fully deserted after elevating >180,650 SOL ($26.7M).

Would keep away from any future tasks launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn

— ZachXBT (@zachxbt) April 21, 2024

The warning comes because of the downturn skilled by many of those tasks shortly after their launch, with some even failing to launch an precise token.

The “I like this coin” (LIKE) challenge, which was created by the pseudonymous founder pokeee.eth, led by way of funds raised. It secured 52,220 Solana (SOL), equal to $7.7 million at present market costs.

Nevertheless, the coin’s worth plummeted by over 90% throughout the first eight hours of buying and selling. As of the time of this publication, LIKE has suffered a 99.2% decline from its launch worth.

Including to the priority, the official X account of the meme coin founder hasn’t posted something new since March 31, and pokeee.eth has additionally not given any updates on the token since then.

Following carefully behind LIKE is the meme coin MOONKE, launched by one other nameless determine, RockyXBT. Regardless of an preliminary valuation approaching $500 million, MOONKE met a destiny just like its predecessor, witnessing a drop of over 99% in worth shortly after its introduction to the market.

One other challenge initiated by founder Jared_eth, which raised 4,567 SOL value roughly $812,000, did not materialize as no token was ever launched.

Scammers Exploit Meme Coin Craze

A latest research carried out by cybersecurity agency Blockaid revealed that fifty% of presale tokens launched on the Solana blockchain between November 2023 and February 2024 had been discovered to be malicious.

Ido Ben-Natan, the co-founder of Blockaid, attributed this enhance in scammer exercise to the rise in presale token adoption throughout February and March, pushed by the recognition of professional meme cash.

He additionally highlighted how scammers reap the benefits of customers’ worry of lacking out (FOMO) throughout such durations of heightened curiosity.

The research particularly recognized people similar to Jared_eth and Bluekirbyftm, who had been additionally talked about by ZachXBT in his latest submit, as scammers.

One of many notable incidents involving a Solana presale token occurred in March when the developer of a meme coin known as Slerf claimed to have mistakenly burned your complete presale allocation as a consequence of a “fats finger” burn error.

In the meantime, in latest weeks there was a decline in market enthusiasm for meme cash, with a number of Solana-based tokens, similar to dogwifhat (WIF), experiencing slides of over 40%.