A recent report by crypto investigator ZachXBT has uncovered a troubling trend in the Solana ecosystem, where nearly 12 meme coin presale projects have been "completely abandoned" within the past month. These projects collectively raised 180,650 SOL, equivalent to approximately $26.7 million, only to see their values plummet post-launch.

According to ZachXBT's findings, shared in a post dated April 21, many of these meme coin projects experienced sharp declines in value shortly after their launch. One project even failed to launch a token altogether.

Among the notable cases highlighted by ZachXBT is the "I like this coin" project, with the ticker LIKE. Launched by the pseudonymous founder pokeee.eth, the project raised 52,220 SOL tokens (approximately $7.7 million) for its meme coin. However, LIKE's value dropped over 90% within the first eight hours of launch and has since seen a staggering 99.2% decrease from its initial price. Activity from its official account ceased by March 31.

Another significant case is the MOONKE token, launched by user @RockyXBT, which raised 37,470 SOL tokens for its presale. Despite an initial market cap of nearly $500 million, the project experienced a similar fate, with its value plummeting nearly 100% post-launch.

Additionally, projects like FROG by user @Pepecasso1 and those launched by users @Jared_eth and @Bluekirbyftm also faced abandonment or failure to launch, further highlighting the risks associated with meme coin presales.

The concerning trend in Solana's meme coin ecosystem has also caught the attention of cybersecurity firm Blockaid. According to a recent study by Blockaid, conducted between November 2023 and February 2024, 50% of presale tokens launched on the Solana blockchain were identified as malicious.

Ido Ben-Natan, co-founder of Blockaid, emphasized how scammers exploit users' fear of missing out (FOMO) during periods of heightened interest in meme coins. Individuals like Jared_eth and Bluekirbyftm, mentioned in ZachXBT's investigation, were also identified by Blockaid as being involved in scam activities.

As investors navigate the volatile landscape of meme coin presales, ZachXBT's findings underscore the importance of thorough due diligence and caution when participating in such projects, especially in emerging ecosystems like Solana's.