Solana costs are close to an all-time excessive as speculators buy crypto to spend money on the following potential meme coin play.
In response to ZachXBT, Solana (SOL) token presales have earned over $149.2 million since March 12 amid a meme coin frenzy sweeping the altcoin ecosystem. Influencers and enormous accounts raised over 796,000 SOL for meme coin cryptocurrencies backed by hype with little to no utility.
The slew of presales has incentivized customers throughout cryptocurrency’s panorama to purchase SOL for investing in tokens, in any other case generally known as “aping into cash”. The crypto grew north of 25% up to now week, rising above $200 at one level per CoinMarketCap. SOL traded around $182 at press time, about 26% under its November 2021 peak.
Solana meme tasks duck launch after elevating hundreds of thousands
ZachXBT’s evaluation revealed that not every meme coin challenge launched a token after receiving 1000 to hundreds of thousands in SOL from buyers. At the very least 16 presale meme coin creators both refunded customers or disappeared with the proceeds. The latter is known as a rug pull throughout the crypto trade.
NFT challenge Milady raised over $18 million in Solana’s coin earlier than saying a U-turn on its proposed plan to faucet the continuing SOL meme coin mania. The crew promised to refund all its presale buyers and deal with different endeavors.
Solana Labs Co-Founder Anatoly Yakovenko inspired the neighborhood to “cease doing this”, referring to the excessive quantity of SOL deployed towards speculative digital currencies impressed by crypto meme tradition.
Meme cash has existed in cryptocurrencies since 2013, when Dogecoin (DOGE) was launched. Several animal-themed digital tokens have flooded markets within the decade since. Solana, specifically, is famous for the resurgence of this development with the success of Dogwifhat (WIF).
The challenge has grown to a billion-dollar token, backed by a neighborhood that plans to promote the meme in Las Vegas’ sphere.