At least 12 memecoin projects on Solana have been “completely abandoned” or rugged in the past 30 days after collectively raising $26.7 million from investors, according to on-chain sleuth ZachXBT.
In a post on April 21, ZachXBT outlined that the 12 memecoin projects had questionable pre-sale practices and many have since crashed significantly since launch — with some failing to even launch a token at all.
The most expensive “abandoned” pre-sale was for a memecoin called “LIKE”, according to ZachXBT. The project’s anonymous founder, known as pokeee.eth, managed to raise a substantial 52,220 SOL ($7.7 million at the time) in
The token launched on March 17 with a market capitalization of $577 million, however, the memecoin rapidly lost value, crashing by more than 90% within the first eight hours of trading.
At the time of writing, LIKE is down 99.2% from its launch price. Notably, the memecoin’s official Twitter account has not posted any new updates since March 31 — and pokeee.eth has not mentioned the project since either.
Coming in second place was a project called the MOONKE token. Launched by another pseudonymous founder, RockyXBT, on March 20 with a hyped-up valuation of nearly $500 million, MOONKE quickly followed a similar trajectory to LIKE, crashing by more than 99% against its launch price within hours.
One project managed to raise 4,567 SOL ($812,000 at the time) without ever launching a token.
Continue reading: Solana price prediction as $6.5B volume sends SOL above $140
