ZachXBT has actually exposed that 12 Solana presale meme coin jobs have actually been “entirely deserted” within the last month.
This seeks the tasks jointly generated $26.7 million from financiers.
In an April 21 post on X, ZachXBT singled out these jobs and alerted financiers versus connecting with any future jobs by the noted creators.
Just 1 month has actually passed and 12 of the Solana presale meme coins have actually been totally deserted after raising >> 180,650 SOL ($26.7 M).
Would prevent any future tasks introduced by these creators. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn
— ZachXBT (@zachxbt) April 21, 2024
The caution comes as an outcome of the recession experienced by a number of these jobs quickly after their launch, with some even stopping working to launch a real token.
The “I like this coin” (LIKE) task, which was produced by the pseudonymous creator pokeee.eth, led in regards to funds raised. It protected 52,220 Solana (SOL), comparable to $7.7 million at present market value.
The coin’s worth plunged by over 90% within the very first 8 hours of trading. Since the time of this publication, LIKE has actually suffered a 99.2% decrease from its launch rate.
Contributing to the issue, the authorities X account of the meme coin creator hasn’t published anything brand-new considering that March 31, and pokeee.eth has actually likewise not provided any updates on the token ever since.
Following carefully behind LIKE is the meme coin MOONKE, introduced by another confidential figure, RockyXBT. Regardless of a preliminary evaluation approaching $500 million, MOONKE satisfied a fate comparable to its predecessor, seeing a drop of over 99% in worth quickly after its intro to the marketplace.
Another job started by creator Jared_eth, which raised 4,567 SOL worth roughly $812,000, stopped working to emerge as no token was ever introduced.
Fraudsters Exploit Meme Coin Craze
A current research study performed by cybersecurity company Blockaid exposed that 50% of presale tokens introduced on the Solana blockchain in between November 2023 and February 2024 were discovered to be harmful.
Ido Ben-Natan, the co-founder of Blockaid, associated this boost in fraudster activity to the boost in presale token adoption throughout February and March, driven by the appeal of genuine meme coins.
He likewise highlighted how fraudsters make the most of users’ worry of losing out (FOMO) throughout such durations of increased interest.
The research study particularly recognized people such as Jared_eth and Bluekirbyftm, who were likewise pointed out by ZachXBT in his current post, as fraudsters.
Among the noteworthy occurrences including a Solana presale token took place in March when the designer of a meme coin called Slerf declared to have actually wrongly burned the whole presale allotment due to a “fat finger” burn mistake.
In current weeks there has actually been a decrease in market interest for meme coins, with numerous Solana-based tokens, such as dogwifhat (WIF), experiencing slides of over 40%.
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