Solana costs are close to an all-time excessive as speculators buy crypto to put money into the subsequent potential meme coin play.
In keeping with 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 huge 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 referred to as “aping into cash”. The crypto grew north of 25% up to now week, rising above $200 at one level per CoinMarketCap. SOL traded round $182 at press time, about 26% under its November 2021 peak.
Solana meme initiatives duck launch after elevating hundreds of thousands
ZachXBT’s evaluation revealed that not each meme coin undertaking launched a token after receiving 1000’s to hundreds of thousands in SOL from buyers. At the least 16 presale meme coin creators both refunded customers or disappeared with the proceeds. The latter is known as a rug pull inside the crypto business.
NFT undertaking Milady raised over $18 million in Solana’s coin earlier than saying a U-turn on its proposed plan to faucet the continued SOL meme coin mania. The staff promised to refund all its presale buyers and concentrate on 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 have existed in cryptocurrencies since 2013, when Dogecoin (DOGE) was launched. A number of animal-themed digital tokens have flooded markets within the decade since. Solana, particularly, famous a resurgence of this pattern with the success of Dogwifhat (WIF).
The undertaking has grown to a billion-dollar token, backed by a neighborhood that plans to promote the meme on Las Vegas’ sphere.