In Just One Week, Solana Meme Coins Garnered a Whopping $149 Million, Reports ZachXBT
Solana prices are soaring close to their all-time high as investors flock to purchase the cryptocurrency in anticipation of the next potential meme coin phenomenon.
ZachXBT, a renowned analyst, has reported that Solana (SOL) token presales have generated an astounding $149.2 million since March 12, amidst a frenzy surrounding meme coins in the altcoin market. Influencers and prominent accounts have managed to raise over 796,000 SOL for meme coin projects that are often driven by hype and offer little to no real-world utility.
The multitude of presales has incentivized individuals across the cryptocurrency landscape to invest in SOL, with the intention of participating in the token offerings, commonly referred to as “aping into coins”. In the past week alone, the value of SOL has surged by more than 25%, reaching over $200 at one point, as reported by CoinMarketCap. At the time of writing, SOL was trading at around $182, approximately 26% below its peak in November 2021.
In ZachXBT’s analysis, it was discovered that not all meme coin projects that received significant amounts of SOL from investors actually launched a token. At least 16 presale meme coin creators either refunded their investors or disappeared with the funds, a practice known as a rug pull within the crypto industry.
One notable NFT project, Milady, managed to raise over $18 million in Solana’s coin before abruptly changing its plans and deciding not to participate in the ongoing SOL meme coin mania. The team behind Milady has pledged to refund all presale investors and redirect their focus towards other ventures.
Anatoly Yakovenko, the Co-Founder of Solana Labs, has openly discouraged such practices and called on the community to cease engaging in speculative investments in virtual currencies driven by crypto meme culture.
Meme coins have been a part of the cryptocurrency market since the launch of Dogecoin (DOGE) in 2013. Over the past decade, numerous animal-themed digital tokens have flooded the market. Solana, in particular, has witnessed a resurgence of this trend with the success of Dogwifhat (WIF), a project that has achieved a billion-dollar valuation and is supported by a community that plans to promote the meme coin in Las Vegas.
For more news, follow us on Google News.
