Solana Meme Coin Presale Raises $150 Million – What Could Go Wrong?

Some members of the Solana community have started vocally pushing back against meme coin presales where crypto traders are blindly sending tens of millions of dollars to guests in hopes of getting in early on the next BONK, WIF. or BOME.

between Many billions of dollars The explosion of several Solana-based meme coins in the last three months – this phenomenon is the blockchain rocket. Back to fame-Many cryptocurrency influencers have started taking advantage of the panicked FOMO atmosphere by offering early and discounted allocations to a limited number of meme coins before launching SOL to merchants who send them to the promoters' wallets.

When crypto users send funds to such wallets, there is no guarantee that they will receive anything in return. There's often no way to verify that the person asking for the money is a real dev – or even to confirm that there's even a real mint on the horizon.

Despite the incredible lack of responsibility presented by Mim coin presales, however, crypto users threw a surprising amount of money on them: almost $150 million in the last week alone, according to the pseudonymous on-chain sleuth ZachXBT – and that's only on Solana.

Posted by Solana users in the analyst since March 12. 796,000 SOL– worth 149.2 million dollars Writing– Up to 33 MM coins pre-sale addresses for advertising on Twitter. Many such presales have turned out to be complete scams.

In response to ZachXBT's findings, Solana users expressed their dismay at the pre-sale distribution of meme coins on the chain – and offered theories as to what was behind the highly questionable practice.

Solana co-founder Anatoly Yakovenko says bluntly: “Stop doing this.” He laughed Solana DeFi users for ZachXBT discoveries.

Others warned that the incident could have lasting negative effects beyond those involved in the pre-sale scheme.

““I don't see how this won't have serious consequences for the DeFi space as a whole,” crypto influencer Pensky said. He wrote on Twitter Tuesday. “There is no way. [the] The SEC just sits back and lets it go on.

A hint of DeFi legal developments sparked by presale shenanigans—here at the hands of the US Securities and Exchange Commission (SEC)—echoes concerns about other legal uncertainties that have occurred for several meme coin presales.

Since the expansion of pre-sale in the most common case, based on Solana Builder SOL raised more than $30 million worth of coins yesterday in minutes for the not-yet-launched meme coin, Dave just moved those funds to Binance and questions about trading statscoins.

Regardless of the developer's intentions – the act of converting one cryptocurrency to another worth tens of millions of dollars on a centralized exchange like Binance has been pointed out by many crypto users.

Others have questioned the background of several meme coin providers popping up on Solana, who appear to be more experienced in developing NFTs on Ethereum than developing Solana-native DeFi projects.

But now, despite all the possible red flags – scam-wise, risk-wise and legal – the meme coin presale trend continues unabated. ZachXBT had to do it after posting a detailed analysis of the issue early Tuesday Update His findings came a few hours later: Diffie users dropped another $27 million in Solana presales that they missed.

Edited by Andrew Hayward.