Solana pre-sale meme coin founders abandon their crashing projects

During mid-March’s meme coin mania, a number of founders raised millions of dollars using a ridiculously simple technique — namely, posting wallet addresses to X (formerly Twitter). Indeed, founders using Solana’s blockchain raised $122 million for 27 meme coins by doing this.

Recently, however, the technique hasn’t been working quite as well. Last week, prominent meme coin founder on Bitcoin Runes raised less than $200,000 using the same technique, indicating that at least a hint of sobriety has displaced degeneracy in meme coin markets.

Meme coins have also been shedding value. During the past 30 days, Dogelon Mars has declined 13%, Mog Coin is down 19%, Coq Inu is down 29%, Toshi is down 26%, PepeFork is down 34%, Doge Killer is down 26%, and Milady Meme Coin is down 26%.

Slerf is just one of the many Solana-based meme coins that have seen their values plummet.

Read more: Weeks after Solana’s meme coin peak, crowdsales continue on Base

Meme coin founders abandon their followers

These negative returns are, incredibly, less catastrophic than the performance of a dozen Solana pre-sale meme coins which are down as much as 99%. In light of these plummeting values, meme coin founders are already abandoning their projects just weeks after they launched.

According to forensic researcher ZachXBT, 12 Solana meme coin founders who raised a combined $26.7 million in March have ditched their projects altogether. Most of these coins are now virtually worthless. The ticker symbols of the coins in question were MILK, MOONKE, FROG, TEMPLE, LIKE, SORRY, GOOEY, URF, FORM, THICK, and CRYING.

Of course, not all meme coins have declined in price. While the majority of the largest 100 meme coins have declined over the last 30 days, a select few have rallied slightly. PEPE, WIF, BONK, BODEN, TRUMP, and RETARDIO have climbed during the last month.

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