Inventory of SOL meme coin pre-sale chaos! CryptoQuant founder criticizes gambling: no benefit to the industry
With the meme coin craze shifting from Ethereum to Solana, the $SOL token has repeatedly hit new highs, while tokens like $BOME and $SLERF, as trendy tokens, have surged by tens of times within hours. However, many of these are more likely RugPulls or scams, prompting the founder of Solana to urgently call for a halt to this chaos.
SOL Breaks $200, Market Cap Hits New Highs as Meme Coin Issuance Craze Sweeps Solana
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Zach's Inventory of Meme Coin Pre-Sale Chaos
Crypto detective Zach compiled a list of meme coin projects that announced pre-sales on Twitter yesterday. Among the top 33 meme coin projects in terms of total fundraising, they collectively raised over 796,000 $SOL, equivalent to about $149 million.
Tweets Attracted Over a Billion Dollars: 27 Solana Meme Coins Raised $122 Million in Pre-Sale Frenzy
Additionally, he also pointed out several meme coin projects that raised hundreds of thousands of dollars, either by changing distribution rules or by directly pocketing tokens sent by users.
Let’s check in on a few of the recent presale coins
-7000 SOL sent to @Sartoshi0x who secretly pocked 62% of SOL from presale & did not fully distribute tokens
-2100 SOL sent to @Jared_eth a fake Jared MEV bot account (people sent another fake Jared account $440K for a presale… https://t.co/3TNwcpNkh8 pic.twitter.com/YyVkwcN9fS
— ZachXBT (@zachxbt) March 19, 2024
Sarto
Sarto raised approximately 7,000 $SOL, but privately transferred 4,432 tokens to a new address instead of distributing them all to LP as promised.
In other words, the $SOL intended for distributing $MILK tokens was not fully distributed.
Jared
Solana Co-Founder Calls for Halt
In response, Solana co-founder Toly retweeted ZachXBT's tweet and urged users to refrain from initiating or participating in on-chain pre-sales:
Stop doing this.
CryptoQuant Founder: Meme Coins Damage the Blockchain Industry
Meanwhile, CryptoQuant founder Ki Young Ju stated that the meme coin craze does not drive substantial progress in the crypto industry:
Seeing meme coins with market caps in the hundreds of millions overshadows the efforts of other teams working on legitimate products to advance the industry, which is very discouraging.
He added, "Just like the ICO frenzy in 2018, it's essentially a casino and doesn't contribute any social value."
Meme coins harm the crypto industry.
It's frustrating to see billion-dollar-cap memecoins overshadow hardworking teams building legit products to advance this industry.
Easy money can't drive industry-wide progress, as shown by the 2018 ICO burst. https://t.co/YWkRA39v9Z
— Ki Young Ju (@ki_young_ju) March 18, 2024
However, a closer look at Dune data reveals that every meme coin craze brings a significant amount of trading volume, stimulating market activity. While stress-testing various chains, it may also attract new investors and funds to the sector, garnering more attention and discussion.
Perhaps meme coins serve as a transitional phase that inevitably occurs during each market cycle, promoting user understanding of various chain ecosystems and inspiring more combinations and narratives, from ETH's NFTs to BTC's Ordinal.