Over the past 30 days, at least 12 Solana presale memecoins have been left abandoned after collectively raising $26.7 million through presale fundraising, as per data shared by blockchain investigator ZachXBT.

In a post dated April 21 on X, ZachXBT highlighted the fate of these 12 Solana memecoin projects, which utilized the controversial presale method for fundraising. Many of these projects have seen significant declines since their launch, with one project failing to even launch its token.

The presale project with the highest funds raised was "I Like This Coin" (ticker: LIKE), initiated by the pseudonymous founder pokeee.eth. LIKE managed to gather 52,220 SOL tokens (equivalent to $7.7 million at current prices) and debuted on March 17 with a market capitalization of $577 million. However, LIKE's value rapidly plummeted, experiencing a more than 90% decline within the first eight hours of trading.

As of the latest update, LIKE has depreciated by 99.2% from its initial price, and its official X account has remained inactive since March 31, with no updates from its founder pokeee.eth either.

Another notable case is the presale of MOONKE, launched by the pseudonymous founder RockyXBT on March 20. Despite its initial valuation of nearly $500 million, MOONKE suffered a similar fate to LIKE, witnessing a more than 99% decline in value shortly after its launch.

Furthermore, one presale project that managed to raise 4,567 SOL ($812,000 at current rates) failed to launch its token altogether.

Efforts to reach out to the founders of LIKE and MOONKE, pokeee.eth and RockyXBT respectively, for comment were unsuccessful at the time of publication.

The recent downturn in market sentiment toward memecoins has led to significant declines in the larger Solana-based memecoins, such as Dogwifhat (WIF), which have seen drops exceeding 40% since April 1.

This decline in enthusiasm for memecoins echoes the trend observed during the Ethereum initial coin offering (ICO) era boom of 2017, where numerous crypto projects raised substantial funds but failed to deliver on their promises.

One of the notable debacles in Solana's presale market occurred in March when the developer of Slerf (SLERF) claimed to have accidentally burned the entire presale allocation of SLERF in a "fat finger" burn error. Despite this, Slerf gained a cult following among memecoin enthusiasts and reached a peak market capitalization of around $750 million.