12 Solana-Based Memecoins Abandoned After Raising $26.7 Million in Presale

Author : Andrew Stauss | Published On : 22 Apr 2024

Investigations reveal 12 Solana memecoins that raised a combined $26.7 million through presales were abruptly abandoned. For example, ‘I like this coin’ raised 52,220 SOL ($7.7 million) and saw its value drop over 90% in eight hours. Such incidents highlight the risks of investing in memecoins.

An on-chain trader and DeFi analyst known as Tokyo offers guidance for identifying and analyzing potential memecoin opportunities on the Solana network. Tokyo emphasizes the use of tools like Solscan to access data on decentralized exchanges (DEXes) and track token holders.

However, Tokyo also warns of the dangers of investing in tokens where a single holder controls over 30% of the supply, which can lead to ‘rug pulls’?—?a scenario where developers abandon a project and steal user funds. Investors must exercise caution and conduct thorough research before investing in such projects.