Solana-based meme coins have gained popularity in recent months as more users and developers explore the potential of the Solana ecosystem.
Solana-based meme coins have gained popularity in recent months as more users and developers explore the potential of the Solana ecosystem.
Meme coins are cryptocurrencies inspired by Internet memes, jokes, or pop culture trends. As the Solana ecosystem saw a new wave of interest, network-based meme coins saw huge price increases.
Bonk (BONK) was the biggest winner among Solana ecosystem coins in the last year. The Solana-based meme coin gained over 13,000% in 2023 and gained listings on major cryptocurrency exchanges.
Dogwifhat (WIF), one of Solana’s most popular meme coins, generated millions of dollars for early investors in December. The meme coin has recently become one of the biggest blockbusters in the Solana ecosystem, alongside Bonk (BONK) and other tokens.
Investors should pay attention
Coins associated with memes, especially those of the Shiba Inu dog breed, have a tendency to skyrocket in value in a relatively short period of time, so investors are often on the lookout for the next big thing.
However, some unscrupulous people have taken advantage of this fact, creating several meme coins that reached incredible levels before starting to crash. These meme coins are “pulled” by their unknown creators, who withdraw liquidity and leave investors holding the bag.
AlertPeckShield Draw attention to one such token, SolDragon (DRAGON), which fell 100% after its anonymous developer withdrew liquidity from the platform, cashing in 1,006.36 BNB worth $304,600.
Worthy of note, according to PeckShieldAlert, was the fact that the carpet extraction token shared the same name as the legitimate one.
PeckShieldAlert also warns about five other meme tokens that bear the same name as the legitimate ones. This recent development requires investors to pay close attention as bad actors continue to up their game in an attempt to defraud unsuspecting investors.
