13 meme token projects with a presale amount of $27 million were abandoned on Solana in one month

Some of these coins have never been launched on the blockchain

22.04.2024 - 08:48

2 min

What’s new? An anonymous blockchain researcher under the nickname ZachXBT, known for his publications about hacking and fraud in the crypto space, has commented on the situation with the launch of meme tokens by presale method on the Solana blockchain. It gained popularity in March of this year. According to the analyst, out of 27 projects launched a month ago, 13 of them have been completely abandoned by their creators by now.

Source: Twitter.com

What else is known? Cumulatively, the 13 abandoned projects attracted 180 650 native tokens of the Solana (SOL) blockchain worth $26,7 million. These include coins with tickers LIKE, MOONKE, FROG SORRY, MILK, GOOEY, THICK, URF, FORM, and CRYING.

One of the coins that was promoted on social network X from the @Jared_eth account and collected 4567 SOL from investors was not launched at all.

The list also included the TEMPLE coin, which raised over $6 million in SOL in the pre-sale. At the end of the fundraising, the creators never provided any information about the launch and transferred investors’ funds to other wallets.

Also on the list was the CONDOM token, during the pre-sale its creator raised 4965 SOL worth $906 000 before deleting all social media accounts without ever launching the coin.

ZachXBT urged to avoid new projects from the creators of these coins.

In a presale, investors send cryptocurrency to the creator’s address and receive a weighted allocation of new tokens after the launch. However, in this case, investors have no guarantee of receiving payouts, making the presale method popular with scammers.

That said, one of the coins launched by the presale method on Solana last month is already among the top ten meme tokens by market capitalization. This is Book of Meme (BOME), which ranks eighth with a market capitalization of $601,5 million.

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