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April 22, 202412 Solana presale memecoins abandoned after just a month
Independent blockchain sleuth ZachXBT revealed that at least 12 Solana presale memecoins have been “completely abandoned” within the last month, despite raising a total of $26.7 million from investors.
Highlighting Abandoned Projects
In an April 21 post on X, ZachXBT identified 12 Solana memecoin projects that utilized the presale method, many of which have experienced significant declines post-launch, with one project seemingly failing to launch a token at all.
The pseudonymous founder pokeee.eth raised an impressive 52,220 Solana (SOL), equivalent to $7.7 million at current prices, for the ‘I like this coin’ memecoin. Launched on March 17 with a market capitalization of $577 million, LIKE’s value plummeted by over 90% within the first 8 hours.
As of the publication time, LIKE is down 99.2% from its launch price, with no new posts from the memecoin’s official X account since March 31, and no mention of the coin from pokeee.eth since then either.
Second-Largest Abandoned Presale: MOONKE
Launched by pseudonymous founder RockyXBT on March 20 with a valuation of nearly $500 million, MOONKE suffered a similar fate to LIKE, experiencing a more than 99% decline from its launch price within hours.
One project raised 4,567 SOL ($812,000) but failed to launch a token.
Despite attempts to contact Pokeee and RockyXBT for comment, there has been no response.
The enthusiasm for Solana-based memecoins has waned recently, with several larger projects, including dogwifhat (WIF), seeing declines of over 40% since April 1.
Comparisons to Past Trends
The recent memecoin frenzy drew comparisons to the Ethereum initial coin offering (ICO) boom of 2017, where numerous projects raised substantial funds but struggled to deliver on promises.
In March, a memecoin called Slerf faced controversy when the developer claimed to have accidentally burned the entire presale allocation. Despite this, the token gained popularity and reached a peak market cap of around $750 million.
