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Solana prices are near an all-time high as speculators buy cryptocurrencies to invest in the next possible meme coin game.
According to ZachXBT, Solana (SOL) token pre-sales have earned over $149.2 million since March 12 amid a meme coin frenzy sweeping the altcoin ecosystem. Influencers and large accounts increase over 796,000 SOL for meme coin cryptocurrencies backed by hype with little to no utility.
The large number of pre-sales has incentivized users across the cryptocurrency landscape to purchase SOL to invest in tokens, also known as “imitation coins.” The cryptocurrency grew more than 25% last week, topping $200 at one point according to CoinMarketCap. SOL was trading around $182 at the time of this publication, about 26% below its November 2021 high.
Solana meme projects duck toss after raising millions
ZachXBT analysis revealed that not all meme coin projects launched a token after receiving thousands or millions in SOL from investors. At least 16 pre-sale meme coin creators refunded users or disappeared with the profits. The latter is called attraction within the crypto industry.
nft project Milady raised over $18 million in Solana coin before announcing a U-turn on its proposed plan to take advantage of the current SOL meme coin mania. The team promised refund all your pre-sale investors and focus on other ventures.
Solana Labs co-founder Anatoly Yakovenko encouraged the community to “stop doing this,” referring to the large volume of SOL deployed toward speculative virtual currencies inspired by crypto meme culture.
Meme coins have existed in cryptocurrencies since 2013, when Dogecoin (DOGE) was launched. Since then, several animal-themed digital tokens have flooded the markets. Solana, in particular, saw a resurgence of this trend with the success of Dogwifhat (WIF).
The project has grown into a billion-dollar token, backed by a community that plans to publicize the meme in the Las Vegas sphere.
