Solana Presale Meme Coins Abandoned After Raising 180,000 SOL

Key Points:

• 12 Solana presale meme coins rug pulled, raising $26.7 million, prompting caution.
• Solana’s meme coin popularity grows, but the community voices skepticism over presale practices.

In the past month, the Solana ecosystem has witnessed a concerning trend, as 12 Solana presale meme coins have chosen to rug after raising over 180,650 SOL (approximately $26.7 million).

Readmore: Solana Memecoin Slerf Burns $10 Million In Presale Funds: A Novel Case Study

Data compiled by on-chain detective ZachXBT sheds light on this issue, cautioning the community against future projects from these founders. Among the notable instances, a memecoin named ‘I like this coin’ (LIKE) stands out as the most costly “abandoned” presale project.

Recently, the URF meme coin team executed a rug pull, disappearing with 2,400 SOL collected during the coin’s presale. This fraudulent act occurred within 24 hours of URF’s launch, with the developers utilizing the raised funds to trade other meme tokens on Solana. Notably, the project’s social network activity has remained dormant since March 26.

Meme Coin Frenzy Faces Scrutiny Amid Rising Skepticism

This series of rug pulls has sparked vocal opposition within the Solana community against Solana presale meme coins, a practice increasingly viewed as dubious. Despite this, Solana’s meme coin ecosystem has experienced significant growth, attributed to the blockchain’s low fees and high throughput.

As a result, Solana has emerged as a leading destination for meme coin projects, rivaling Ethereum in popularity. Recent statistics underscore Solana’s dominance, with its total value locked (TVL) surpassing $14 billion for the first time in two years. Moreover, the network has witnessed a surge in new and active addresses, driven primarily by the meme coin frenzy.

Solana presale meme coins phases have become the favored launch strategy within the ecosystem, with projects like Slothana (SLOTH) successfully raising over $1 million. However, caution prevails as the community grapples with the fallout from rug pulls.