Crypto Presale Frenzy Raises Over $122M Worth Of SOL In A Week — TradingView News

To put the numbers into perspective, ZachXBT highlighted that these figures only account for the projects on the Solana chain in the last seven days. This means that the calculations are only one part of the bigger image as the presales before March 12, and chains like Ethereum, Base, and BSC are excluded.

Memecoins Raising Millions In Minutes

The biggest raiser on the list was the SMOLE token by visual artist Dekadente. This project received 169,982 SOL during the presale and has seen notable support from the community.

Similarly, the recently launched Slerf raised over 50,000 SOL. However, the token faced a dramatic launch after its creator accidentally burned the tokens reserved for the presale participants airdrop.

Many of the presales raised millions in a matter of minutes, which hints at impressive participation from the crypto community. However, many suggest that the massive figures raised come from “fabricated fomo” and “insiders sending sol that they’ll eventually get back.”

Despite raising millions in SOL, the presale meta trend left investors with nothing. As the investigator highlights, many of the presales on his list have seen a “hard rug” or the tokens’ momentum quickly fading after launch. As a result, the presale participants’ investments vanished or diminished considerably.

Moreover, scammers have taken their chance to profit off the presale frenzy. Phishing scams under the presale posts have skyrocketed, with impersonating accounts trying to drain investors’ wallets or collect whatever amount people meant to send to the presale addresses.

Members of the crypto community have expressed their concerns over the presale trend. Many crypto investors consider the trend might create memecoin fatigue, which could hurt the organic projects aiming for long-term stability.