Rampant Memecoin Pre-sales on Solana: Investors Warned and Millions Raised

By: Eva Baxter

Amidst the recent bullish pullback in the crypto market, there's been significant movement in the memecoin sector, particularly within the Solana ecosystem. Reports indicate that memecoin pre-sale events on Solana have raised an astounding $150 million, with investors taking considerable risks.

Solana co-founder, Anatoly Yakovenko, has voiced his concern over the trend. He encouraged investors to refrain from participating in memecoin presales, reacting to data illustrating the substantial volume of Solana (SOL) being funneled into these high-risk pre-sale contracts. The spotlight has notably been on memecoins such as Dogwifhat and others based on the Solana chain, which have garnered significant gains recently.

The trend reached a peak in recent times, with crypto investigator ZachXBT revealing that these memecoin pre-sales on Solana have raised over $122.5 million in just a week. However, the massive figures raised are touted to be a result of 'fabricated FOMO' and insiders sending Solana tokens that they'll eventually retrieve. The community cited the trend as fostering memecoin fatigue, thereby potentially hurting solid projects aiming for long-term stability. Importantly, consumers must assess the risks associated with investing in memecoins before taking part in pre-sale events.