These 12 Meme Coins Have Been Abandoned!

The allure of quick riches in the cryptocurrency world can be intoxicating, especially when fueled by the viral power of memes. But a recent investigation by blockchain detective ZachXBT has revealed a dark side to the Solana meme coin craze, revealing a trail of abandoned projects and millions of dollars lost in a so-called “rug pull” scheme.

Solana was on the agenda with the meme coin craze

cryptokoin.com As we reported, the past months were dominated by the meteoric rise of meme coin investments in Solana. Over the past month, at least 12 meme coin projects have launched presales on the Solana Blockchain. Moreover, they collectively raised a staggering $26.7 million. However, ZachXBT’s findings paint a grim picture. These projects, many with flashy names and mascots, were “completely abandoned” by their creators. Thus, investors were left with worthless tokens.

The story of “I Like This Coin” (LIKE) is a striking example of this. This meme coin with the abbreviation LIKE achieved a high sum of SOL 52,220 (approximately $7.7 million) during its pre-sale. It launched on March 17 with a seemingly impressive market cap of $577 million. However, the dream quickly turned into a nightmare. In just eight hours, LIKE’s value dropped by a shocking 90%. As of today, the coin remains a shadow of its former self. Moreover, it is trading at over 83% from its launch price.

Social media accounts are silent

Additionally, the official social media channels for LIKE have been eerily silent since March 31st. The project’s founder, known only by the online pseudonym pokeee.eth, has also seemingly disappeared, leaving investors with unanswered questions and a sense of betrayal. This abandonment was not unique to LIKE. Another project, MOONKE, reflected the same trajectory. Shortly after MOONKE entered the market on March 20 at a valuation of approximately $500 million, it suffered a devastating 99% price drop within hours. Investors who fell for the initial hype were left empty-handed. The coins that ZachXBT draws attention to are as follows:

• LIKE
• MOONKE
• FROG
• TEMPLE
• SORRY
• MILK
• GOOEY
• THICK
• URF
• FORM
• CRYING

You may have noticed that there are 11 projects in the list above, not 12. Because disturbingly, ZachXBT even spawned a project that managed to raise a significant amount (4,567 SOL, over $810,000) but never even realized a token. This raises serious concerns about the legitimacy of these pre-sales and the potential for outright fraud. The results extend beyond these specific projects. The broader meme coin market in Solana appears to be losing its luster. Even well-established meme coins like Dogwifhat (WIF) have witnessed a significant decline, dropping over 45% since the beginning of April.