‘Stop Doing This’ – $122,500,000 Worth of Solana (SOL) Raised in One Week for Altcoin Presales: Report

Over $122 million has been raised for 27 different Solana-based projects’ presales in the last week, according to a recent investigation from blockchain sleuth ZachXBT.

ZachXBT says that since March 12, more than 655,000 SOL worth about $122.5 million has been raised for various presales.

Says the on-chain analyst,

“I was interested to see how much SOL has been sent as a result of the presale meta and calculated >655,000 SOL ($122.5 million) raised from 27 presales…

To put this even more into perspective for people not following crypto these presales have all happened since March 12.

This is only counting presales on Solana and the number is excluding presales happening on other chains (Ethereum, BSC, Base, etc)”

One of the projects, SLERF, lost $10 million worth of its presale tokens reserved for an airdrop after it skyrocketed to a $620 million market cap hours after launching.

Seeing ZachXBT’s post on the social media platform X, Solana co-founder Anatoly Yakovenko re-posted it, issuing a warning.

Says Yakovenko,

“Stop doing this.”

Earlier, ZachXBT also warned of someone else who allegedly ran off with six figures worth of SOL after a presale raise.

Solana has seen a burst of activity in recent weeks, largely due to a series of memecoin launches and rallies, with Solana-based decentralized exchanges (DEXes) doing record volume.

At time of writing, Solana is trading at $181.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post ‘Stop Doing This’ – $122,500,000 Worth of Solana (SOL) Raised in One Week for Altcoin Presales: Report appeared first on The Daily Hodl.