Solana memecoin pre-sales have defrauded investors of more than $25 million in the past month, with over half of the top projects being abandoned, some without even launching a token.

Solana's Co-Founder Anatoly Yakovenko reiterated his disapproval of the trend, stating, "Pre-selling a meme doesn't have any logical basis." Yakovenko urged users to refrain from investing in memecoin pre-sales after revealing that the top 22 projects had raised over $100 million.

Among these projects, ZachXBT disclosed that 12 have already been abandoned within just one month. Notable abandoned projects include LIKE, MOONKE, FROG, TEMPLE, and SORRY, which collectively raised over $2 million. Other projects raised funds ranging from $1.4 million to $180,000, with @Jared_eth raising approximately $800,000 without even launching a token. Interestingly, @Jared_eth's account has been flagged as compromised by the web3 security platform Pocket Universe.

The frenzy around memecoins has now shifted to the Coinbase-backed Base blockchain, with ZachXBT noting that similar incidents are occurring there.

The price of SOL has experienced a significant decline since the memecoin craze. Although SOL surged to over $200, primarily driven by memecoins, it has since plummeted to $154. This marks a 23% decrease, despite SOL having already recovered approximately 30% from its recent low of $117 on April 13th.