The Solana meme coin presale has attracted over $25 million in traders throughout the previous month, with over 50% of high tasks deserted and a few by no means launching their tokens.

Anatoly Yakovenko, co-founder of Solana, remained dismissive of the phenomenon, commenting that “there is no such thing as a level in pre-selling a meme within the first place.” On the time, Yakovenko known as on customers to cease investing in memecoin presales after sharing a picture of the highest 22 tasks that raised greater than $100 million.

ZachXBT revealed that 12 of the 22 tasks have already been deserted after only one month. Deserted tasks embody LIKE, MOONKE, FROG, TEMPLE, and his SORRY, which raised over $2 million. Different tasks have raised from $1.4 million to $180,000, and X person @Jared_eth has raised about $800,000 with out launching any tokens. Particularly, @Jared_eth's account is listed as compromised by Web3 safety platform Pocket Universe.

Memecoin mania has since migrated to the Coinbase-backed Base blockchain, with ZachXBT commenting, “Nobody realized something as a result of the identical factor is occurring on Base.”

The value of SOL has fallen considerably because the meme coin waste. At its peak, SOL reached over $200, supported primarily by meme cash, nevertheless it has fallen to $154 on the time of writing. The 23% drop got here after SOL had already recovered about 30% from its April 13 native low of $117.

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