The presale memecoin trend on Solana shows no signs of stopping, and recently the Solana Co-Founder had to speak out and warn about this phenomenon.
In the context of the memecoin wave on Solana sweeping away hundreds of millions of dollars in capital inflows thanks to the presale frenzy, a warning bell has been rung by Solana Labs co-founder Anatoly Yakovenko: “Stop doing this”
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Home > News
Published: 20/03/2024
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Author: Kane
Solana Co-Founder Warns About Memecoin Presale Trend
The presale memecoin trend on Solana shows no signs of stopping, and recently the Solana Co-Founder had to speak out and warn about this phenomenon.
In the context of the memecoin wave on Solana sweeping away hundreds of millions of dollars in capital inflows thanks to the presale frenzy, a warning bell has been rung by Solana Labs co-founder Anatoly Yakovenko: “Stop doing this”
Anatoly cited impressive statistics on the massive amount of capital that memecoin projects have raised during the presale phase on Solana. Topping the list is the 0xDekadente account, which raised 169,982 SOL, equivalent to $30.5 million; while even the smallest project, NftRamo, managed to raise $165,060.
As of March 12, the entire platform has witnessed 33 presales with a total capital raise of over $150 million massively flowing into memecoin projects.
Although the presale model is gaining attention, it remains a high-risk investment form. The funds are sent directly to wallets instead of being verified by smart contracts, providing no protection measures. Additionally, this craze has also overloaded the Solana network, causing transaction difficulties.
This is the reason why the Solana co-founder had to speak out and warn users about the potential