Solana Co-Founder Warns Against Investing in Memecoins

High Volume of SOL Sent to Memecoin Pre-Sale Contracts

Solana Labs Co-Founder Anatoly Yakovenko has made a statement urging investors to refrain from supporting Solana-based memecoins, citing data that shows a significant amount of SOL being sent to memecoin pre-sale contracts.

On-chain detective ZachXBT recently shared a list of social media accounts that have raised substantial funding for memecoins on the Solana network. The top project, 0xDekadente, raised 169,982 SOL (approximately $30.5 million), while the lowest value project, NftRamo, raised around $165,060.

Anatoly reposted the image with a simple message of “stop doing this,” without further elaboration. The recent surge in memecoin interest contributed to SOL prices surpassing $200 for the first time since the last bull market, establishing a new all-time high market cap for Solana.

Currently, 0xDekadente is facing network congestion issues while attempting to airdrop tokens to pre-sale investors. This has led to considerations of launching the token before distributing tokens to investors to address the congestion.

“The Solana network is extremely congested, and it is impossible to airdrop at the same time as the LP at this moment… we are trying, but it’s impossible.

So, you choose: Launch now and receive the $smole airdrop in the next few hours…

Launch the airdrop and the LP simultaneously, which will take a few hours for the network to decongest… We don’t know the exact time due to congestion, but we will do it as soon as possible regardless of your decision.”

At present, the online vote indicates that the token will launch before the airdrop, meaning pre-sale investors may not have tokens available for sale upon the token launch.

SOL is currently trading around $179, down 15% from its recent high. Memecoins, considered by some as exit liquidity gambling and by others as community innovation, may be driving interest in Solana for the wrong reasons.

Despite the controversy, the demand for memecoins is serving as a stress test for the Solana network, highlighting congestion points under high demand. While memecoins struggle with liquidity pool launches and token airdrops, tokens and decentralized applications with real-world utility remain overlooked.

The original post by Anatoly warning against investing in memecoin pre-sales can be found here. For more crypto news and updates, visit CryptoSlate.