Over the last week, Solana has emerged as one of the top-performing networks. Indeed, it has already set DEX daily volume records and outperformed Ethereum on Sunday. Yet, one of the interesting developments regarding Solana is the rise of presales that are seemingly dominating SOL’s ecosystem.
Book of Meme (BOME) was one of the earliest signals of the impending trend, raising approximately $1.5 million, while its market cap reached $2 billion. Following the meme coin’s meteoric rise, it was eventually listed on the major cryptocurrency exchange Binance. After that, presales began to erupt across the network over the last several days.
Solana Network Faces Presale Boom
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Since the digital asset market surged throughout March, the meme coin sector has particularly exploded. Tokens like Pepe (PEPE), Dogwifhat (WIF), and BONK had seen their value increase massively alongside Bitcoin’s ascneison to $73,000 just last week.
For the Solana network, the rally manifested in a presale boom that has seemingly dominated the SOL ecosystem. It wasn’t just BOME, as on March 15th, NFT artist Kero announced the presale of SNAP. Subsequently, the token raised 50,000 SOL worth a remarkable $9.6 million.
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Thereafter, X (formerly Twitter) user Dekadente raised $25 million in its meme coin presale stage already. That was not an uncommon site, with more than 10 similar posts explaining the presale for their meme coin offerings. Among them was $SHAD, whose presale raised a remarkable $5.5 million.
These developments undoubtedly had a massive effect on the Solana network, and showcased the passionate community it maintains. However, the craze is undoubtedly partnered with concern about how this potential surge could be weaponized by bad actors.
Why The SOL Ecosystem Should be Concerned
When it comes to the overwhelming prevalence of various meme coin presales, there should be an overarching worry. Firstly, there are inherent liquidity concerns regarding these various tokens. The increase in new projects will negatively affect the established tokens. Ultimately, working to harm the ecosystem as a whole.
Moreover, the abundant funds being granted to these presale tokens create worry surrounding its potential weaponization. Amid the ongoing craze, crypto market sleuth ZachXBT took to X to report a phishing scam that took place amid the buzz.
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Specifically, he reported that user @blkjnoiz06 was impersonated leading to more than $2.6 million being phished. ZachXBT notes that the thief took “advantage of the recent meme coin craze.” Moreover, he reported one victim lost as much as $1.2 million.
These kinds of concerns are undeniable, and with the unprecedented heights of these presale tokens, they become more and more probable. Although the Solana network may benefit from the activity, the reality of the methods could prove to be more harmful to the SOL ecosystem as a whole.