Crypto news: twelve memecoins launched in presale on the Solana platform have been abandoned just one month after their debut. 

These 12 projects, now defunct, had collectively raised $26.7 million through a controversial funding method known as presale. Below we see all the details. 

Defunct Solana crypto projects: 12 memecoins raise $26.7 million and disappear

As anticipated, according to data from independent blockchain investigator ZachXBT, at least 12 memecoins launched in presale on the Solana network have been completely abandoned in the last 30 days.

This happened despite the fact that they had raised a total of 26.7 million dollars from investors.

In a post on April 21 on X, ZachXBT highlighted how these 12 projects have used the controversial method of presale to raise funds. 

Many of these memecoins have experienced a significant drop in value since their launch, while one has not even issued the expected token.

The pseudonymous founder of the project, known as pokeee.eth, has raised an impressive amount of 52,220 SOL (approximately 7.7 million dollars at the current value) for the memecoin. 

Launching on March 17th with a market capitalization of 577 million dollars. However, the value of the memecoin quickly plummeted, losing over 90% in the first eight hours.

Currently, the price of LIKE has dropped by about 99.2% compared to its initial value. Furthermore, the official X account of the memecoin has not posted a single post since March 31, and even pokeee.eth has stopped mentioning the currency.

Boom and decline of memecoins on Solana: MOONKE and SLERF

Another big abandoned presale involves a token called MOONKE, launched on March 20 by another pseudonymous founder, RockyXBT. 

With an initial valuation of nearly 500 million dollars, MOONKE followed a similar path to LIKE, crashing by over 99% in the first hours after launch.

Another project, which had raised 4,567 SOL (approximately 812,000 dollars at the current value), never launched its token.

The market enthusiasm for memecoins seems to have decreased in recent weeks. Several of the largest memecoins based on Solana, such as Dogwifhat (WIF), have seen their prices drop by over 40% since April 1st.

At the beginning of last month, the interest in memecoins was so high that some analysts compared it to the ICO boom on Ethereum in 2017, where hundreds of crypto projects raised millions of dollars only to fail to keep their promises.

One of the most significant debacles of the Solana presale occurred in March. 

That is when the developer of a memecoin called Slerf (SLERF) declared to have accidentally burned the entire presale allocation of SLERF due to an error.

Despite this incident, Slerf quickly became a favorite among memecoin investors, reaching a market capitalization of about 750 million dollars.

FTX: Solana token liquidation reveals a new strategy

FTX, following its collapse in November 2022, is preparing for a significant move, auctioning off a substantial amount of Solana (SOL) tokens.

This strategy is part of the post-bankruptcy liquidation process of the crypto exchange platform. The upcoming auction differs from previous fixed-price sales, suggesting a change in strategy that could influence market dynamics. 

FTX, in previous sales, has indeed sold between 25 and 30 million SOL tokens, generating almost 1.9 billion dollars

Each token was sold for 64 dollars, with a 60% discount compared to the market price, but with the condition that buyers kept their investment locked for four years. 

This time, opting for an auction could favor more competitive bids, potentially influencing the market price of Solana. Mike Cagney, CEO of Figure Markets, has confirmed the auction, although final details remain confidential. 

The auction format could generate more interest, with likely repercussions on Solana prices. Currently, the value of Solana seems to be on the rise. 

After reaching a peak of 210 dollars on March 18, the price dropped by over 44%, touching a minimum of about 116 dollars on April 13. However, it has started to rise again, marking almost a 30% increase from the minimum.

This rebound is crucial, as Solana is testing an important resistance level around 156 dollars, a key point in the Fibonacci retracement.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.