Solana prices are reaching new highs as investors flock to the cryptocurrency in hopes of finding the next big meme coin. According to ZachXBT, Solana (SOL) token presales have raked in over $149.2 million since March 12, fueled by the meme coin craze that is sweeping the altcoin market. Influencers and large accounts have raised more than 796,000 SOL for meme coin projects that are largely driven by hype and speculation.

The surge in presales has prompted many in the cryptocurrency community to invest in SOL with the intention of backing new tokens, a practice commonly known as “aping into coins”. Over the past week, SOL has seen a growth of over 25%, briefly surpassing $200 on CoinMarketCap. At the time of writing, SOL was trading at around $182, still 26% below its peak in November 2021.

Recent updates from ZachXBT indicate that the total SOL raised through presales has exceeded 796,000 SOL ($149.2M) from 33 projects.

ZachXBT’s analysis also revealed that not all meme coin projects that received funding in SOL went on to launch a token. In fact, 16 presale projects either refunded their investors or disappeared with the funds, a practice known as a rug pull in the crypto world.

For example, NFT project Milady raised over $18 million in SOL before deciding to pivot away from the meme coin trend. The team announced plans to refund all presale investors and shift their focus to other initiatives.

Solana Labs Co-Founder Anatoly Yakovenko has urged the community to steer clear of speculative virtual currencies inspired by meme culture, emphasizing the risks involved in such investments.

Meme coins have been a part of the cryptocurrency space since the launch of Dogecoin (DOGE) in 2013. Over the years, numerous animal-themed tokens have emerged, with Solana experiencing a resurgence in this trend following the success of Dogwifhat (WIF), a billion-dollar token project supported by a dedicated community planning to promote the meme in Las Vegas.

For more information on the latest developments in the cryptocurrency world, stay tuned to Global Crypto News.

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