Multiple Solana-Based Memecoins Abandoned After Presale Frenzy, Millions of Dollars Displaced: Report

In an update published on April 21, ZachXBT claimed that at least 12 memecoin projects have been abandoned in the last 30 days.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 22 April 2024 17:40 IST

Multiple Solana-Based Memecoins Abandoned After Presale Frenzy, Millions of Dollars Displaced: Report

Photo Credit: Pexels/ Tima Miroshnichenko

Token Pokeepandaa, represented as LIKE raised $8 million through presale

Highlights

Alarming number of scam tokens are making inroads into crypto circle
All new Solana-based memecoins should be checked before investing
$200 million feared stolen through crypto rugpulls in 2024 so far

The past few months have been quite the up-hill ride for the crypto sector, marking some major milestone moments that shook the industry out of a long slumber. With most cryptocurrencies including Bitcoin having seen significant spikes in their prices, several new tokens have managed to find their way inside the crypto circle in recent months. Sounding an alert however, independent blockchain investigator ZachXBT has claimed that multiple memecoin projects that launched lately, have now been abandoned.

In an update published on April 21, ZachXBT claimed that at least 12 memecoin projects have been abandoned in the last 30 days. All these memecoins – including Pokeepandaa, RockyXBT, Pepecasso1 -- are based on the Solana blockchain.

These memecoins have reportedly raised an estimate of more than SOL 180,650 collectively through pre-sale listings. At present, Solana is trading at $135.71 (roughly Rs. 11,312) which means that the fund tied to these abandoned memecoins roughly stand at the point of $27 million (roughly Rs. 225 crore).

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TemplePharmacy_, Vombatus_Eth, Sartoshi0x, Jared_eth, BlueKirbyFTM, Emperor, urfSOL, Mr_Alevi, and Gabrielesm1 are the names of the other memecoins, that have made it to ZachXBT's list of abandoned memecoins. “Would avoid any future projects launched by these founders,” the blockchain investigator tweeted.

Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).

Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn
— ZachXBT (@zachxbt) April 21, 2024

ZachXBT's latest list showed that Pokeepandaa, which was represented by the token name LIKE, raised the most amount – SOL 52,220 or over $8 million (roughly Rs. 66 crore) through the presale. The memecoin, at present, is reportedly down by 99.2 percent. As of now, this token and others have been abandoned by the developers leading to a massive rug pull situation.

In March, ZachXBT had tweeted that along with Solana, new tokens based on other blockchains as well have been going live for presales – warning investors to exercise caution before making financial decisions.

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I was interested to see how much SOL has been sent as a result of the presale meta and calculated >655,000 SOL ($122.5M) raised from 27 presales. pic.twitter.com/dvsW4TSoov
— ZachXBT (@zachxbt) March 19, 2024

Rugpulls are amongst the most common forms of scams wherein crypto tokens are launched, traders are enticed to invest in these tokens, only for developers to gather all the invested amount and disappear.

Between January and March 2024, rug pulls and exit scams have reportedly accounted for $267 million (roughly Rs. 2,225 crore) in loss. In totality, over $200 million (roughly Rs. 1,667 crore) have been lost to hacks and rug pulls in 2024 so far.

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Further reading: Cryptocurrency, Solana, Memecoins

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More