Investors have been left empty-handed as several projects in the cryptocurrency world suddenly disappear. Around 12 presale memecoins built on Solana have vanished after collecting a total of $26.7 million from investors.
Blockchain investigator ZachXBT revealed the events, which serve as a warning everywhere for memecoin investors.
The Twist in Memecoin Madness
Memecoins have increased in popularity recently. While Ethereum continues to lead the rest of the altcoin pack, Solana has become a hub for memecoin.
However, excitement has burst, with investors now worried about how safe their memecoin investments are. This suggests that investors should be alert regarding the safety of their assets, especially as the world of cryptocurrency keeps changing.
Projects Fail to Deliver on Promises
It has come to light that several crypto projects on Solana have failed to fulfill their promise of launching a token despite raising funds through a presale.
For everyone involved, questions are now being asked about the legitimacy of different crypto projects. There’s also renewed awareness of the potential risks of falling victim to outright scams within the cryptocurrency industry.
I Like This Coin” Disappears in a Flash
There’s the notable case of a project called “I Like This Coin” (LIKE) that grabbed $7.7 million in its presale phase. However, things turned sour quickly.
After its mid-March launch, the coin’s value dropped by over 90% in just eight hours despite starting with a hefty market cap of $577 million.
Now the project’s social media channels have gone silent; investors find themselves holding onto tokens that have become worthless practically overnight.
Scam Presale Memecoins: A Cautionary Tale For Investors
Some big names are on the “ghost town” list, like MOONKE. It collected a lot of money and then vanished.
This situation makes us wonder about how accountable crypto developers are, especially when they use anonymous identities.
The story of these Solana presale memecoins teaches investors an important lesson: be super careful before jumping into presales.
It’s crucial to do your homework on the team, the project plan, and what the token is actually for. Also, remember that the crypto market doesn’t have much oversight, so it’s up to you to make smart investment choices.
What’s Next for Meme Coins?
Even though recent events have shaken up the meme coin world, it doesn’t mean it’s all over for all crypto projects.
The ones with strong communities and clear purposes could still do well. But for investors, staying skeptical and cautious, especially in the unpredictable world of meme coin presales, is critical.
