Amidst the fervor of mid-March’s memecoin frenzy, founders employed a seemingly simplistic yet surprisingly effective method to raise millions: sharing wallet addresses on social media platforms like X (Twitter).
Notably, within Solana’s blockchain ecosystem alone, a staggering $122 million was amassed for 27 meme coins through this approach.
However, recent developments suggest a shift in this trend. Last week, a prominent memecoin founder associated with Bitcoin Runes managed to raise less than $200,000 using the same strategy, signaling a potential moderation in the speculative exuberance that has characterized meme coin markets.
Concurrently, meme coins have experienced a downturn in value. Over the past 30 days, several notable tokens, including Dogelon Mars, Mog Coin, Coq Inu, Toshi, PepeFork, Doge Killer, and Milady Meme Coin, have recorded declines ranging from 13% to 34%.
Of particular concern are Solana pre-sale memecoins, with some witnessing staggering losses of up to 99%. In response, numerous meme coin founders, having raised a collective $26.7 million in March, have chosen to abandon their projects entirely.
Among the Solana pre-sale memecoin affected are;
- MILK
- MOONKE
- FROG
- TEMPLE
- LIKE
- SORRY
- GOOEY
- URF
- FORM
- THICK and
- CRYING, with their value now nearing insignificance.
Despite these setbacks, not all meme coins have suffered the same fate. While the majority have experienced declines, a handful within the top 100 have managed to buck the trend, demonstrating modest gains over the past month.
Notable performers include $PEPE, $WIF, $BONK, $BODEN, $TRUMP, and $RETARDIO.