A recent overview has exposed that 12 Solana presale memecoins, cryptos that raised over $26.7 million in funds, have been abandoned in just a month. This news was uncovered by independent blockchain detective, ZachXBT. The funds were garnered through presale activities, a fundraising approach that often garners controversy. Since their establishment, most of these memecoins have seen a massive decline in value, some of which never introduced any token at all.
One of the major drops was seen in the memecoin named “I like this coin,” ticker symbol LIKE, which fell over 90% in the first eight hours post launch. The launch happened on March 17 with an initial market cap of $577 million. In accordance with ZachXBT, this coin’s value continued to drop and is now down 99.2% from its initial launch price.
Another coin that took a similar nosedive was MOONKE. Despite starting with a massive valuation of nearly $500 million, this memecoin also fell dramatically in its initial hours after launching. Interestingly, another project that raised $812,000 in current rates, never introduced its token into the market. Despite multiple attempts to contact the founders of these cryptos, no statement or comments have been received so far.
The enthusiasm for memecoins in the crypto market has significantly reduced of late, mainly with larger Solana-based tokens like Dogwifhat slipping by over 40% since the start of April. Memecoin Slerf, too, saw a notable debacle when the developer accidentally burned the entire pre-allocation, although it managed to later gain a cult following among investors. Such incidents are reminiscent of the 2017 ICO era of Ethereum, when many such projects failed to deliver after raising millions.