These Presale Projects Raised Over $26.5M But Has Vanished Completely

In a concerning development, 12 memecoin projects on the Solana blockchain have disappeared into thin air after collectively raising over $26.7 million worth of SOL through presales.

Notably, these projects were among the 27 Solana-based memecoin presale projects flagged by ZachXBT earlier last month as potential rug pulls. Collectively, they raised up to 796,000 SOL ( worth $149.2 million at the time).

Identified Scam Projects 

ZachXBT gave a breakdown of the 12 projects that have been identified as scams at the moment. 

Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).

Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn

— ZachXBT (@zachxbt) April 21, 2024

These include Pokeepandaa, which raised a staggering 52,220 SOL (around $8 million) for a so-called LIKE token; RockyXBT, which secured 37,470 SOL (roughly $5.7 million) for a MOONKE token; and Pepecasso1, which received 29,761 SOL (approximately $4.5 million) for its FROG token.

Others on the list include TemplePharmacy_, Vombatus_Eth, Sartoshi0x, Jared_eth, BlueKirbyFTM, Emperor, urfSOL, Mr_Alevi, and Gabrielesm1. 

These projects have raised these funds since March 12.

ZachXBT investigation revealed a disturbing trend among these projects: Many of them deleted their presale posts after raising funds, seemingly attempting to prevent further investment. ZachXBT recommends avoiding any future ventures launched by the founders of these abandoned projects.

The Memecoin Hype 

It appears bad actors are taking advantage of the memecoin season to scam unsuspecting victims.

Memecoins have been one of the hot corners in the current bull market. This has, in turn, generated a lot of hype around the joke tokens, thus catching investors’ interest as a result. According to data from CoinGecko, the meme market is currently at $56.9 billion, representing a 2% surge on the day. Additionally, their trading volume stands at $4.9 billion, signaling a rise in market activity.

Meanwhile, the latest incident serves as a stark reminder for investors to conduct their findings before investing in any crypto project, especially those with anonymous founders or lacking clear roadmaps.