About half of the presales based on Solana turned out to be scams

More than 40% of projects in the Solana ecosystem stopped further development a month after the presale. This conclusion was reached by independent on-chain analyst ZachXBT.

Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).

Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn

— ZachXBT (@zachxbt) April 21, 2024

The expert studied 27 projects that raised more than 655,000 SOL during the pre-sale of tokens. 12 of them were related to fraud.

It is reported that their creators raised 180,650 SOL (about $26.7 million). After that, they stopped supporting the projects and did not return their assets to users.

According to ZachXBT, the LIKE memcoin collected the most funds – 52,220 SOL, which is about $8 million. The founder of the project under the pseudonym pokeee.eth launched the LIKE token on March 17, 2024 with a market capitalization of $577 million. However, in the first 8 hours of trading, the value of the memcoin fell by more than 90%, the source claims.

Trading pair LIKE/USD. Source: DEXTools.

The second largest project was MOONKE, launched on March 20 by a user under the pseudonym RockyXBT. In a matter of hours, the asset collapsed by more than 99%.

Trading pair MOONKE/USD. Source: DEXTools.

Note that traders’ enthusiasm for memcoins on the Solana network has decreased in recent weeks. Since April 1, the value of most tokens, including Dogwifhat (WIF), has dropped significantly.

Memcoins of the Solana ecosystem. Source: CryptoRank.

Earlier this month, Blockaid published a study on the Solana ecosystem. Experts said that about 50% of presales that took place from November to February turned out to be scams.