Over the past month, several meme coin projects on Solana have turned out to be scams, resulting in investors losing a significant $26.7 million.
Despite warnings from Solana founders cautioning against such projects, even well-known influencers have been involved in scam activities targeting users.
Solana, known for its rapid blockchain network, has recently been overwhelmed by a meme coin frenzy, diverting attention from its usual technological prowess. While some meme coin projects saw initial success, allowing a handful to see substantial gains, many criticized the trend for causing network congestion and lacking real utility. Unfortunately, the surge also attracted opportunistic scammers who made off with millions through rug pulls during presales.
Crypto detective ZachXBT, uncovering the alarming situation, shared on social media the staggering losses suffered by investors, with 12 Solana presale memecoins abandoned, raising over 180,650 SOL ($26.7M).
ZachXBT’s investigation revealed that despite raising significant funds, many projects fell victim to rug pulls, leaving investors empty-handed. He cautioned against such projects and highlighted instances like the URF meme coin, where the team vanished shortly after launch, leaving behind disappointed investors.
These incidents have sparked concerns within the crypto community about the transparency and accountability of meme coin presales on Solana.
Solana co-founders Anatoly Yakovenko and Raj Gokal have echoed warnings against random meme coin presales on the platform. Notably, the LIKE meme coin presale resulted in the largest loss, with investors losing approximately 52,220 SOL ($8.10 million), while RockyXBT’s MOONKE led to a loss of 37,470 SOL ($5.81 million). Overall, investors lost around 90,961 SOL ($14.1 million) in 10 meme coin presales on Solana, with many lacking proper whitepapers.
