Main Meme Coins on Solana: Investors Losing Millions

Recently, a disturbing trend has emerged on Solana - the abandonment of meme coin projects, leading to massive financial losses for investors on a huge scale. Over the past month, several meme coin projects on this platform have been abandoned, resulting in enormous losses totaling up to $26.7 million.

Solana, known for its blockchain network, has become not only a site of intense activity but also a source of serious problems. Despite warnings from Solana's founders, investors continued to invest in projects that turned out to be abandoned.

Projects Left to Themselves

The frenzy around meme coins brought about several successful projects, making some investors millionaires overnight. However, this wave did not bring sufficient network value and instead caused significant congestion. Many meme coin projects also turned out to be traps for naive investors, leading to the theft of over $26 million by scammers operating on presales.

"It's been just 1 month, and 12 meme coin presales on Solana have been completely abandoned after raising over 180,650 SOL (26.7 million USD). This enormous sum underscores the scale of the problem, with many projects failing to deliver on their promises after raising substantial amounts of SOL."

ZachXBT also published a list of founders, recommending avoiding projects launched by them.

Rug Pull Projects

Research by ZachXBT revealed that many projects raised significant funds but then disappeared, leaving investors with nothing. Despite warnings, investors continue to suffer losses. An example is the URF project, which raised over 2400 SOL, but its team disappeared hours after launch.

"The team disappeared less than 24 hours after launch, and social media accounts have had no activity since March 26."

Instead of fulfilling their commitments to investors, the URF team used presale funds to trade meme coins, further exacerbating investor losses. Such incidents raise alarms in the cryptocurrency community regarding the lack of transparency and accountability in presale meme coins on Solana.

Solana co-founders Anatoly Yakovenko and Raj Gokal have repeatedly warned investors against investing in random presale meme coins on Solana. ZachXBT research also revealed that the LIKE presale meme coin on Solana caused the greatest losses for investors, who lost around 52,220 SOL, or about $8.10 million at current prices.

Another meme coin, MOONKE by RockyXBT, led to a loss of 37,470 SOL, or about $5.81 million at current prices. Another 10 presale meme coins on the Solana blockchain caused investors to lose about 90,961 SOL, or about $14.1 million. ZachXBT also noted that most of these meme coins didn't even publish a proper whitepaper, further raising concerns in the cryptocurrency community.