While Solana is riding the wave of high-flying meme tokens, scammers continue to get in on the fraud to rise above unsuspecting buyers in the crypto market. Crypto detective ZachXBT has raised the alert again, unveiling a worrying trend that con artists abuse the meme tokens on Solana to commit fraud against the public at the expense of unsuspecting investors.
We know what you’re thinking. “What now?”, right?
Read on to find out.
Rise of the Meme Coins
The surge of meme coins within Solana has been seismic. Total Value Locked (TVL) on the Solana blockchain has surged, driven by these tokens. However, many lack real-world use, existing primarily for speculation.
The fact that the majority of investors may find such tokens dubious does not diminish the number of investors who are lured into these tokens with the get-rich-quick hopes of income before they understand all the risks fully.
ZachXBT, the vigilant investigator, uncovers a string of scams exploiting Solana’s meme token craze. His findings reveal a staggering sum: around 655,000 SOLs, valued at $122.5 million, siphoned off through 27 presales, many of which were elaborate scams.
Also Read: Solana-Based Meme Coins, WIF, BOME and BONK Face Sell-off
Solana‘s Claim to Fame
Solana’s ecosystem, once a hub of innovation, has become a haven for scammers. Trade volume within this realm far surpasses top decentralized exchanges (DEXs) on Ethereum, outstripping them by 200%. Leading DEXs on Solana, like Raydium, Jupiter, and Orca, boasted a total transaction volume exceeding $2.4 billion in just 24 hours, dwarfing UniSwap’s $1.3 billion volume in the same period.
As Solana’s meme tokens proliferate, vigilance is paramount. Staying alert amidst the frenzy is crucial for investors to shield themselves from fraudsters. By doing so, they protect their interests from those seeking to exploit the hype.
Did You Know? Memecoin Mania: Solana (SOL) Flips Ethereum in Trading Volume
As Solana continues its journey amid the meme coin frenzy, the challenge remains clear: to embrace innovation while safeguarding against deceit.
