Its promise of quick wealth and innovation is what makes it so appealing. The crypto-verse comes with its downsides. own Set of risks Solana, in particular, has shed some light on this issue but with regards to meme coins and presales. ZachXBT a blockchain specialist revealed in a recent investigation that 12 Solana pre-sale meme coins had failed.
The expert said that there were a dozen different memes. “completely abandoned” Throughout the past 30 days, investors have been left empty handed. These projects raised $26.7 million collectively before they faded into obscurity.
Solana’s Meme Coin DestroyAlso Read: Solana (SOL) Up 5% as BTC Halving Could Prompt Surge to $175
Presale paradox: lack of transparency and rug pulling
Pre-sales have launched most of these memes. It is also criticized because it is opaque and vulnerable to rug pulling. For instance, ‘I like this coin’ [LIKE] The total amount of Solana tokens collected was staggering, at 52 220 worth $7.7 Million. Its value dropped by 90 % after its launch. The company is now a shadow of what it once was.
Similarly, MOONKEA similar fate befell an asset launched by RockyXBT. It lost almost 99% of its original value immediately after it was launched. Some ventures have followed the same path, while others failed to release a token at all despite substantial fundraising.
Meme Coins, a volatile world of memes
The erratic nature displayed by these incidents is evident. These assets’ volatility has been proven time and again by their major increases and dramatic drops. This is an area where excitement can turn quickly to disappointment. The Solana eco-system, though it is renowned for speed and scale, has also become a hub for speculative ventures that attracts both enthusiasts as well as opportunists. These incidents go beyond the monetary loss. The latest series of incidents erodes overall market trust while reinforcing the image that the marketplace is a safe haven for scams.
Also Read: How High Will Solana SOL Peak Post-Bitcoin Halving?
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Source: watcher.guru
