Amid the frenzy surrounding meme cash on the Solana (SOL) blockchain, ZachXBT, a crypto detective, points a warning towards potential scams. Solana meme token presale occasions amassed a staggering $122 million in SOL raised. While the joy over these initiatives grows, considerations relating to rug pulls and fraudulent actions loom massive.
ZachXBT Cautions Against Solana Meme Coin Scam
In a put up on X, ZachXBT’s investigation reveals that over 27 presale occasions on the Solana community have collectively raised $122.5 million value of SOL since March 12. Despite the attract of fast features, ZachXBT emphasizes that many of those initiatives, usually promoted by smaller accounts, are both doubtful or outright scams.
Moreover, the crypto sleuth highlighted the painstaking effort to compile a listing of those presales as they deleted the presale put up to cease additional inflows. However, the dearth of transparency and accountability inside the meme coin house on Solana heightens the danger for traders, as evidenced by the prevalence of rug pulls and disappearing funds.
In addition, a consumer highlighted that the majority of those initiatives didn’t point out their rug tackle, additional fuelling suspicion. In response to the rising considerations, HTX, a distinguished alternate, introduced an settlement with Smolecoin, a Solana meme token, to facilitate refunds for affected customers. The Smolecoin challenge raised 169,982 SOL as reported by ZachXBT, equal to $31.31 million, in keeping with the present Solana value.
Meanwhile, Dexter, the founding father of one other Solana meme coin challenge, broadcasts plans to difficulty refunds and strategically handle remaining funds to mitigate dangers. Furthermore, Dexter expressed dedication to accountable fund allocation and challenge growth contrasts with the prevalent skepticism surrounding meme cash on Solana.
Also Read: Solana’s Meme Coin Party Ends, BOME Price Collapses 50%
Slerf $10 Million Mishap
On March 18, the Slerf challenge, primarily based on Solana’s blockchain and recognized for its meme coin, encountered a major setback. Presale traders of Slerf have incurred losses exceeding $10 million on account of an unlucky mishap brought on by the challenge’s developer.
Recently, the developer confessed on a platform, X, to by accident burning a big portion of the token provide. This contains belongings supposed for liquidity provision (LP) and airdrop distribution. The incident unfolded after the Slerf challenge, recognized by its account HdENn8…HgNAsF, efficiently raised over 50,000, valued at $10.8 million.
However, the developer revealed unintentionally burning LP tokens and your entire reserve of the five hundred million SLERF tokens allotted for the airdrop. With minting rights revoked, efforts to get well the loss have confirmed fruitless.
Responding swiftly to the market surge following the burn, an undisclosed Solana dealer exchanged 9,894 SOL tokens, valued at round $1.98 million. They acquired a considerable 69.74 million Slerf tokens as quickly as buying and selling resumed, in keeping with studies by Lookonchain.
Taking benefit of the heightened market exercise, the investor promptly offered their SLERF holdings for a powerful 25,001 SOL. This transaction amounted to a outstanding $5 million, leading to a considerable revenue of $3.02 million earned in simply 12 minutes. The incident has sparked hypothesis concerning the potential involvement of Ponzi scheme, including to the ZachXBT’s latest warning.
Also Read: CryptoQuant CEO Critiques Surge in Memecoin Presales on Solana
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