In a startling revelation, 12 Solana-based memecoins that raised funds through presales have been abandoned within just a month, leading to a combined loss of approximately $26.7 million for investors. This information comes from the analysis of ZachXBT, an independent blockchain detective who recently posted these findings on X (formerly Twitter).

The spotlight falls on the memecoin named "I like this coin," which used the ticker LIKE. The coin's pseudonymous founder, known as pokeee.eth, managed to raise over 52,220 SOL tokens ($7.7 million). The coin was launched with a whopping market capitalization of $577 million but tragically lost over 90% of its value within the first eight hours. As of the latest update, LIKE has plummeted by 99.2% from its initial price, with no recent activity from its creator or on its official social media.

Another significant loss involved the memecoin MOONKE, which started with a market valuation close to $500 million. Launched by RockyXBT, MOONKE followed a similar downward trajectory, crashing over 99% shortly after its launch.

Moreover, one of the highlighted projects, which raised 4,567 SOL (around $812,000), failed to launch its token entirely. Attempts to contact the developers behind these projects have remained unanswered.

The hype around memecoins on the Solana blockchain has noticeably cooled, with even some of the larger tokens such as Dogwifhat (WIF) dropping by more than 40% since early April. This decline in interest mirrors the fate of many projects during the Ethereum ICO boom in 2017, where numerous startups failed to fulfill their promises despite massive initial fundraising.

One bizarre incident included the memecoin Slerf (SLERF), whose developer claimed an accidental burn of the entire presale allocation due to a mishap. Despite this setback, Slerf became a temporary cult favorite, surging to a market cap of about $750 million at its peak.

These developments raise questions about the viability and regulatory oversight of cryptocurrency presales, especially those involving memecoins which often carry higher risks of volatility and loss.