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Crypto - These meme coins Solana fall after only 1 month!

Mon 22 Apr 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

The hype surrounding Solana memecoins has significantly died down in recent weeks. Indeed, after an unprecedented craze that saw tens of millions of dollars flow into these purely speculative tokens, numerous crypto projects were simply abandoned by their creators.

Crypto Solana memecoins

A frenzy of crypto fundraising!

At the heart of this new speculative wave is the “presale” method, which allowed dozens of Solana memecoins to raise millions in just a few days. According to figures revealed by ZachXBT, no less than 12 crypto projects collected a total of $26.7 million through this means before being abandoned less than a month later.

Among the most striking examples are “I Like This Coin” and its token LIKE. Its founder pokeee.eth managed to raise the equivalent of $7.7 million in SOL crypto during the presale. However, since its launch on March 17, the value of the memecoin has plummeted by over 90%! What’s worse, the project seems to have been completely deserted by its creators who have not communicated since the end of March.

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A speculative drift with the appearance of a bubble 

While these pump-and-dump phenomena are not new in the crypto world, the magnitude of the frenzy around Solana memecoins raises questions. By attracting millions of investors with enticing but unsubstantiated promises, these dubious projects indeed recall the ICO (Initial Coin Offerings) craze of 2017.

At that time, hundreds of companies had managed to raise astronomical sums before vanishing after failing to develop a viable product. Despite repeated warnings from informed experts, the lure of profit seems to have once again blinded many crypto investors.

In the end, the tide seems to be turning for Solana memecoins after a few weeks of irrational exuberance. The sudden abandonment of many projects, despite the millions garnered, starkly reminds us of the inherent dangers of crypto assets. While this turbulent period allowed some savvy investors to make substantial profits, it also widened the chasm of losses for the majority of participants.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.