Home Coins Blockchain Bitcoin Ethereum How to Mining NFT Press releases Regulation Most Featured
Coins by Cryptorank

$27M Backed Solana Meme Projects Gets Discarded - What Went Wrong

Author Avatar
By Erika John - - 5 Mins Read
Solana logo 3D coins
Featured | GuerrillaBuzz/Unsplash

In the last month, a number of meme coin projects on Solana experienced significant drops in value despite receiving a substantial $26.7 million in funding via controversial presale methods.

After conducting an investigation into these projects, a well-known independent blockchain researcher named ZachXBT discovered that they had been abandoned.

The Fallout from Presales: Disappearing Tokens and Plummeting Values

Investigations into these Solana meme coin presale projects have uncovered a grim reality.

For instance, 'I like this coin' (LIKE) received attention after raising 52,220 Solana (SOL), equivalent to $7.7 million. LIKE debuted with a market capitalization of $577 million on March 17 but lost over 90% of its value within eight hours.

Currently, LIKE's value is down by 83.08% from its launch price. The last activity on LIKE's official account was on March 31, and its founder, pokeee.Eth has been absent from discussions about the coin's future.

Another example is MOONKE, which entered the market on March 20 valued at around $500 million but quickly lost over 99% of its value shortly after launch.

Furthermore, a project raised 4,567 SOL (over $810,000) without even launching a token, raising questions about the fairness of presale mechanisms in the crypto market.

The Decline of Meme Coins

As these Solana meme coins struggle, broader market trends show decreasing interest in meme-based cryptocurrencies. Even more established Solana meme coins like Dogwifhat (WIF) have seen huge declines, with WIF losing over 45% of its value since April 1.

The rise and fall of these meme coins indicate a change in sentiment within the cryptocurrency market.

A month ago, meme coins were compared to the ICO boom of 2017 on Ethereum, and the current situation highlights the risks associated with speculative investments.

Presale Problems: Lack of Oversight and Transparency

One significant issue highlighted by these events is the need for more regulatory oversight and transparency in presale processes.

The rapid influx of capital into these projects, often based on speculative promises and hype, exposes investors to huge risks without proper safeguards.

The lack of accountability in how presale funds are used worsens concerns about project viability. Instances where projects fail to deliver on promised tokens or maintain operations post-launch highlight the need for more diligence and scrutiny.

Also read: 8 Alternative Blockchains Solid Enough to Replace Solana


The downturn in meme coin fortunes is indicative of a market that is growing and learning to manage speculative excitement.

Though the initial excitement around Solana meme coins was similar to past crypto booms, the subsequent disappointment highlights the importance of making prudent investment decisions.

The present scenario acts as a cautionary tale, emphasizing the significance of educating investors and regulating the market.

Furthermore, the rise and fall of such projects demonstrate the danger of following speculative trends without a thorough understanding of market operations.