Solana price is nearing an all-time high as speculators buy the cryptocurrency to bet on the next meme coin play.
According to ZachXBT, Solana (SOL) token presales have generated over $149.2 million in revenue since March 12 amid the meme coin craze sweeping the altcoin ecosystem. Influencers and large accounts High More than 796,000 SOL for the meme coin cryptocurrency backed by hype with little to no utility.
Numerous presales have encouraged users across the cryptocurrency landscape to purchase SOL to invest in the token. This is also known as a “coin copy.” The cryptocurrency has grown north of 25% over the past week, rising above $200 at one point, per CoinMarketCap. SOL was trading around $182 at press time, about 26% below its November 2021 high.
Solana meme plans duck release after raising millions.
According to ZachXBT’s analysis, not all meme coin projects have launched their tokens after receiving thousands to millions of dollars in SOL from investors. At least 16 pre-sale meme coin creators have either refunded users or disappeared with the proceeds. The latter is called a rug pull within the cryptocurrency industry.
NFT project Milady raised more than $18 million in Solana coins before announcing a U-turn on its proposed plans to capitalize on the ongoing SOL meme coin mania. The team promised to provide refunds to all pre-sale investors and focus on other efforts.
Solana Labs co-founder Anatoly Yakovenko encouraged the community to “stop doing this,” citing large amounts of SOL distributed in speculative virtual currencies inspired by cryptocurrency meme culture. .
Meme coins have been around in cryptocurrency since 2013, when Dogecoin (DOGE) was launched. Over the next decade, various animal-themed digital tokens flooded the market. In particular, Solana points out that the success of Dogwifhat (WIF) has led to a resurgence of this trend.
The project has grown into a multi-billion dollar token with the support of a community that plans to advertise the meme in the Las Vegas area.