Memecoins have generated plenty of profits in recent months. However, there are also projects splashing along in the wake that have not yet been delivered and have turned out to be a bad investment for investors. ZachXBT pointed out this grievance on Twitter successor X attentive. The analyst known for his revelations in the crypto sector points to a dozen projects that quietly disappeared from the scene. The damage goes into the millions.
Memecoin failures
They carry illustrious ticker symbols such as “Frog”, “Crying” or “Sorry”. Cryptocurrencies that emerged as a result of the Memecoin hype. And from which investors probably expected similar high profit margins as with “Dogwifhat” or “Bonk”. However, nothing has come of this to date. Because they all have one thing in common: they are practically dead.
Specifically, it concerns tokens that were marketed to investors via presales. They stocked up on a large scale in anticipation of rising prices after trading began. However, the result after a month: disappointing. “Twelve of the Solana presale memecoins have been completely abandoned,” writes ZachXBT. And thus burned around 180,000 Solana tokens, about $26.7 million in investor funds.
“Never launched haha”
With over 50,000 Solana tokens, the equivalent of over seven million US dollars, “I like this coin”, or “Like” for short, records the highest inflows of funds. Behind it is the anonymous Twitter account “pokeee.eth”. A disaster for buyers: the price of the memecoin collapsed by over 90 percent in the first few hours of trading. It is currently 91 percent in the red. The last post about the project on X was from March 31st.
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“Moonke”, founded by “RockyXBT”, had a similar experience. Nothing is known about him either. Almost six million dollars flowed into the presale, the price has now fallen by 40 percent. Here, too, there has been no information about the project for a month.
One of the tokens couldn’t even have a price collapse – because it never went on sale. “Never launched haha,” comments ZachXBT. His urgent appeal: “I would avoid any future projects launched by these founders.” The loss of the unnamed memecoin amounts to $700,000.
Every second presale token is a scam
Tokens whose holdings are sold to early investors via presales are increasingly turning out to be rip-offs. Information from blockchain security company Blockaid according to 50 percent of the recently launched presale tokens are frauds. This is often not obvious to investors.
Due to the success of some Memecoin projects, an unmanageable number of new tokens are currently flowing into the market. Many of them without a white paper, roadmap or team. And most of them: on Solana. The rate of free riders on the hype blockchain is high. As long as there are memecoins that generate high profits, their share is unlikely to decrease.
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