Scammers are capitalizing on the memecoin craze, exploiting users’ heightened risk tolerance fueled by the fear of missing out (FOMO).<\/p>\n\n\n\n
Investigative crypto researcher ZachXBT has exposed 12 Solana-based meme coin presales that were abandoned last month, after collectively raising $26.7 million from investors.<\/p>\n\n\n\n
In a post on X dated April 21, ZachXBT highlighted these projects, advising investors to steer clear of future ventures connected to the projects’ creators due to their dubious track records.<\/p>\n\n\n\n
Many of these meme coin projects faltered soon after their launch, with some failing to even issue a token. The project “I like this coin” (LIKE), initiated by pokeee.eth, raised the most with 52,220 Solana (SOL), amounting to about $7.7 million. The value of LIKE collapsed by over 90% within eight hours of its trading debut and has since plummeted by 99.2% from its initial price.<\/p>\n\n\n\n
The creator\u2019s X account has been inactive since March 31, and pokeee.eth has ceased updates on the project.<\/p>\n\n\n\n
Another meme coin, MOONKE, created by the anonymous RockyXBT, was initially valued near $500 million but also saw its value dive by more than 99% shortly after hitting the market.<\/p>\n\n\n\n
A project by Jared_eth, which garnered 4,567 SOL (around $812,000), also dissolved without launching an actual token.<\/p>\n\n\n\n
According to a recent study by cybersecurity firm Blockaid, half of the presale tokens on the Solana blockchain identified between November 2023 and February 2024 were scams. Blockaid’s co-founder, Ido Ben-Natan, noted that the surge in scam activities coincided with the growing popularity of meme coins in early 2024, with scammers exploiting the FOMO among investors.<\/p>\n\n\n\n
The study further noted scammers like Jared_eth and Bluekirbyftm, who were also mentioned by ZachXBT as being behind fraudulent activities.<\/p>\n\n\n\n
One infamous incident involved the developer of the Slerf meme coin, who claimed to have accidentally destroyed the entire presale allocation due to a mishap.<\/p>\n\n\n\n
As interest in meme coins wanes, several Solana-based tokens, including dogwifhat (WIF), have seen significant declines, with some losing over 40% in value.<\/p>","protected":false},"excerpt":{"rendered":"
Scammers are capitalizing on the memecoin craze, exploiting users’ heightened risk tolerance fueled by the fear of missing out (FOMO).<\/p>","protected":false},"author":1,"featured_media":4898,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[44,32],"class_list":["post-4897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-crypto"],"_links":{"self":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/comments?post=4897"}],"version-history":[{"count":1,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4897\/revisions"}],"predecessor-version":[{"id":4899,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4897\/revisions\/4899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/media\/4898"}],"wp:attachment":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/media?parent=4897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/categories?post=4897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/tags?post=4897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}