A recent analysis has revealed that more than a dozen memecoin pre-sales on Solana have been abandoned shortly after raising funds. These pre-sales collectively generated over $26 million in the past month, indicating a potential increase in scam activity as investors seek to capitalize on the memecoin trend.

According to blockchain analyst ZachXBT, the identified memecoin pre-sales on Solana raised over 180,650 SOL tokens, equivalent to approximately $28 million. Among these pre-sales, @pokeepandaa raised over 52,000 SOL for the LIKE token, making up nearly 30% of the total abandoned projects.

Since mid-March, more than 35 memecoin pre-sales have taken place on the Solana network, accumulating over $150 million worth of SOL. However, not all projects have followed the same path as the abandoned ones. ZachXBT also noted a similar trend on Base, a layer-2 solution developed by Coinbase.

The surge in memecoin prices has led to the deployment of trading bots on the Solana network, aiming for arbitrage trades. When these trades are unavailable, they result in failed transactions known as “bot spam.” This has accounted for the majority of failed transactions on Solana, according to Helis CEO Mert Mumtaz.

It is essential for investors to exercise caution and conduct thorough research before participating in memecoin pre-sales on Solana to avoid potential scams. Stay informed about the latest developments in the cryptocurrency space to make informed investment decisions.

Post Views: 2