Memes built on the Solana platform have been increasingly well-known in recent months as more users and developers have become interested in the ecosystem’s possibilities.
Memes, jokes, and pop cultural phenomena serve as the inspiration for meme coins, which are virtual currency. Meme currencies built on the network saw massive price jumps as the Solana ecosystem saw a surge in interest.
Among the currencies in the Solana ecosystem, Bonk (BONK) saw the most increase throughout the previous year. The Solana-based meme coin grew more over 13,000% in 2023 and earned listings on major cryptocurrency exchanges.
One of Solana’s most well-known meme currencies, Dogwifhat (WIF), brought in millions of dollars for its early investors in December. In the Solana ecosystem, the meme coin has lately grown to be one of the major blockbusters with other tokens like Bonk (BONK).
Investors should pay attention
Investors are always searching for the next big thing since coins linked to memes, particularly those of the Shiba Inu dog breed, have a tendency to surge in value in a short period of time.
But some dishonest people have taken advantage of this and made a number of meme currencies that reached absurd heights before starting to decline. These “rugpulled” joke coins are the result of their unidentified producers taking away liquidity and leaving investors holding the bag.
https://x.com/PeckShieldAlert/status/1746803513425088788?s=20
One such token, SolDragon (DRAGON), is highlighted by PeckShieldAlert. It had a 100% decline after its unknown developer removed the platform’s liquidity and cashed out 1006.36 BNB, or $304,600.
PeckShieldAlert noted that it was noteworthy that the rug pull token had the same name as the official one.
Five other rug-pull meme tokens that share the same name as the genuine ones are also being alerted about by PeckShieldAlert. Given this new trend, investors need to be extremely vigilant as dishonest individuals persist in attempting to deceive gullible investors.
