In a bold move within the Solana community, one of its co-founders has issued a warning, advising against participation in presale events due to concerns about their credibility and safety. Recent findings by ZachXBT reveal that a staggering $122.5 million has been raised across 27 presale events since March 12, highlighting the prevalence of dubious projects and potential scams within the Solana ecosystem.
These revelations have prompted industry experts to draw parallels between current token presales and the risky days of ICOs, urging users to exercise caution. In response to escalating concerns, the prominent exchange HTX has announced proactive measures in collaboration with Smolecoin, offering refunds to users affected by turbulent presale events.
Furthermore, Dexter, founder of another Solana meme coin project, has pledged to issue refunds and implement robust risk-mitigation strategies, emphasizing the importance of protecting investors’ funds. The fallout from these presale events has led to significant declines in the values of popular meme tokens like PEPE, WIF, FLOKI, and BONK. However, Solana’s fee capture has surged amidst the turmoil, surpassing even that of Bitcoin.
This surge is attributed to the increased on-chain trading of meme coins, with Solana consistently capturing daily fees exceeding $3 million for three consecutive days, setting unprecedented records. Nevertheless, the setback encountered by the Slerf project serves as a cautionary tale, with presale investors facing losses exceeding $10 million due to unfortunate mishaps in the project’s development.
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