The projects had raised a combined $26.7 million, albeit through the controversial presale method.
The last 30 days saw no less than 12 Solana presale meme coin projects being “completely abandoned”. That is, according to a recent X post by popular independent blockchain detective ZachXBT.
Per the post, the projects had raised a combined $26.7 million, albeit through the controversial presale method. However, investigations have revealed that nearly all the tokens have plummeted since launch, with a particular one not even taking off with any token launch at all.
ZachXBT detailed a meme coin dubbed ‘I like this coin’ as probably the most expensive one in the Solana presale meme coin projects pack that has been abandoned. The meme coin, which sported the ticker LIKE, raised a staggering 52,220 Solana (SOL) ($7.7 million at current prices) and launched with a market capitalization of $577 million on March 17. However, the meme coin shed over 90% of its value within the first eight hours of launch. As of press time, LIKE is down 83.08% from its launch price, per CoinMarketCap data.
Other than its price movement, the official X account of the LIKE coin has not posted anything since March 31. Additionally, the supposed founder pokeee.eth has not mentioned the coin in a long while as well.
Another notable token in the list of abandoned presale meme coin projects is MOONKE. The token launched on March 20 to a rather outsized valuation of about $500 million. However, just as was the case with LIKE, MOONKE soon began its own downward spiral that saw it plunge over 99% from its launch price in just a few hours.
Notably, a project reportedly raised 4,567 SOL (over $810,000 at current prices) but never even launched a token.
Meme Coin Frenzy Dying Down?
Meanwhile, it is worth noting that there might be a larger thing at play considering that the market’s appeal for memecoins has somewhat dwindled in recent weeks. For a better perspective, even bigger Solana-based meme coins are somehow losing their steam. For instance, Dogwifhat (WIF) has lost over 45% since April 1.
Without a doubt, meme coins are currently a shadow of themselves. Just last month, they were doing impressive numbers to the point that market analysts started drawing comparisons to the 2017 boom era of the Ethereum initial coin offering (ICO). However, one might also recall that, although hundreds of crypto projects raised millions of dollars during that period, most of them eventually failed to live up to expectations.
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