ZachXBT Exposes 12 Abandoned Solana Presale Meme Coin Projects Resulting in $26.7 Million in Losses

cryptonews.com:

In a recent report, crypto investigator ZachXBT uncovered that nearly 12 Solana presale meme coins have been “completely abandoned” within the past month, collectively raising 180,650 SOL, equivalent to approximately $26.7 million.

Despite the major fundraising, many of these meme coin projects have experienced sharp declines in value post-launch, with one project failing to launch a token.

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

According to  a post dated March 19, ZachXBT shared insights on 27 meme coin presales on Solana since March 12. The total funds raised during these presales were estimated to be 655,000 SOL, equivalent to $122.5 million then.

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

However, in  an X pos t dated April 21, ZachXBT highlighted 12 Solana meme coin projects that utilized the controversial presale method, with many experiencing large declines in value since their launch. Notably, one project appears to have not launched any token at all.

The most costly of these abandoned presale projects was a meme coin named “I like this coin,” with the ticker LIKE. Its pseudonymous founder, pokeee.eth, raised 52,220 SOL tokens (equivalent to $7.7 million at current prices) for the meme coin, launching it on March 17 with a market capitalization of $577 million.

However, LIKE’s value plummeted rapidly, dropping