12 Solana Meme Coin Projects Listed As Scams By ZachXBT

Scammers tend to exploit the frenzy around meme coins by capitalizing on increased risk tolerance driven by FOMO. ZachXBT acknowledged this and recently claimed that 12 Solana presale meme coin projects have been completely abandoned in the last month, collectively raising $26.7 million via investors.

Meme Coins Continue To Nosedive

In a post on X dated April 21st, ZachXBT singled out the aforementioned projects and cautioned investors against engaging with any future projects by the listed founders. These projects faced a downturn shortly after launch, with some failing to release an actual token.

The LIKE project, led by pseudonymous founder pokeee.eth, raised 52,220 Solana (SOL), equivalent to $7.7 million. However, its value plummeted by over 90% within the first eight hours of trading, now suffering a 99.2% decline compared to its launch price.

Elsewhere, the meme coin MOONKE, initiated by another anonymous figure, RockyXBT, faced a similar fate, witnessing a drop of over 99% in value shortly after its $500 million initial valuation. Finally, another project by founder Jared_eth, raising 4,567 SOL worth approximately $812,000, failed to launch a token.

Scammers On The Rise

A study by cybersecurity firm Blockaid found that 50% of presale tokens on the Solana blockchain between November 2023 and February 2024 were malicious, attributing the rise in scammer activity to increased presale token adoption during February and March, driven by the massive popularity of meme coins as well as FOMO in general.

Individuals like Jared_eth and Bluekirbyftm, mentioned by ZachXBT, were identified as scammers. In March, a notable incident involved a Solana presale token when the developer of meme coin Slerf claimed to have mistakenly burned the entire presale allocation due to a fat finger burn error. Market enthusiasm for meme coins has declined in recent weeks, with several Solana-based tokens experiencing slides of over 40%, such as WIF.