Solana Urges Community To Stop Exploring Pre-Sale Projects On Network

Solana Blockchain’s co-founder, Anatoly Yakovenko, took to X to outline his thoughts about growing presale projects on Solana.

Yakovenko reposted a notable analyst’s summary of presale projects on X, outlining how he would like the community to stop engaging with such projects.

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Solana has lately become a nucleus for SOL-based meme coins and presale projects. While some of the projects have solidified their base, others have been known to cause major nuisances to investors and traders alike.

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Solana Co-Founder’s Thoughts on Presale Projects

Solana Crypto: best altcoins to buy — Source: Independent.co.uk

Solana is currently rife with multiple presale projects that have become a major cause of concern for the network. The growing number of presale schemes is jeopardizing user safety and the credibility of funds, a cause that has been recently outlined by Solana’s co-founder, Anatoly Yakovenko.

Yakovenko took to social media to voice his stark opinion. The Solana Co-Founder reposted ZachXBT’s post on X, consisting of the total number of presale projects live on Solana. He reiterated his strict stance, adding that he would like the community to stop engaging with such projects at once.

Yakovenko’s strict stance echoes the layers of safety and security that an investor should feel while exploring the cryptocurrency market. Such projects have notoriously been known to sabotage user safety and funds, with some of the projects causing “FUD” within the community.

Also Read: Solana: Here’s Why Presales are Dominating SOL’s Ecosystem

Per the post shared by ZachXBT, The blockchain is currently harboring 27 presale projects, with users contributing a whopping $122.5 million to date.

I was interested to see how much SOL has been sent as a result of the presale meta and calculated >655,000 SOL ($122.5M) raised from 27 presales. pic.twitter.com/dvsW4TSoov
— ZachXBT (@zachxbt) March 19, 2024

Additionally, the tightening stance on presale projects might have partially impacted the meme coin market. At press time, leading meme coins, notably PEPE, BONK, and BOME, fell sharply, portraying a sporadic user interest metric.

Furthermore, the recent SLERF meme coin fallout further solidified the demise of the presale project theory.

$SLERF Dev burns $10M worth of tokens!
In a shocking twist, the Solana-based meme coin $SLERF‘s developer accidentally burned $10M in tokens, sparking a wave of memes and discussions on Twitter. Will this incident make $SLERF the next billion-dollar coin?
Join the… pic.twitter.com/FWAxWWjdCv
— Solana allday (@Solana_allday) March 18, 2024