The rate of abandoned projects on solana

[Bitwave01]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

[mk4]

Why do you seem surprised? Remember the scam-filled Ethereum ICO mania of 2016-2017? It's the same this year on Solana, just with memecoins. At the very least with memecoins, expectations are far lower because everyone knows they're literally useless in the first place; not with those ICOs that pretend to be something big.

[Bitcoin_Arena]

Solana has nothing to do with Bitcoin. You should move this to Altcoin discussion board.

Welcome to the wild west. It seems you are still new to crypto. Back then there were ERC20 ICO on Ethereum blockchain and lots of scams would actually raise millions of USD. If you can not DYOR on a project you are about to drop your money on, then it's better you completely avoid the whole thing.

99% of those memecoins on solana are scam, and it's actually easy to spot them.

[alani123]

Any blockchain where it's easy to copy and paste some lines of code to create your own shitcoin is going to have such consequences.
Solana is cheap and fast at the expense of decentralization. People that want to gamble on shitcoins obviously won't give a damn about fundamentals and therefore Solana has become the primary chain for shit quality tokens. Of course nearly all of them will end up going to 0 in the span of a few months.

Surprising? No. This overall gives the whole chain a less serious outlook to outsiders. You go to any solana charting site and all you'll see is catdog jizzlord coin all day every day. I guess this so far has proven the most popular use of token blockchains, which is very unsurprising considering that they can't seem to compete in finding much if any real utility.

[JeffBrad12]

I think we all know that these meme coin always vulnerable to rug pull, solana is a decentralized blockchain anyone can submit their own smart contract code, whether its ERC20 and then list it on the blockchain.
the foundation behind solana definitely has no control towards these meme coin, the one that should have due diligence are the users themselves, i mean if you invest in meme coin you should know before hand that majority of them are just rugpulls, they are falling under category of shitcoin for a reason usually its just some random dev trying to make meme coin for the sake of getting themselves rich, so don't be surprised if a meme coin suddenly pulls out all the liquidity and rug people, thats just meme coin nature.
the people that you see turning their few thousand dollar into multiple time of initial capital are just outlier, majority of people are just getting rugged just like you, thats why its better to just avoid it altogether, in every blockchain that are decentralized there's always this kind of shitcoin that rugpull innocent people.

[Bureau]

You have learned the hard way it seems and it is something everyone here has been saying that meme coins are high-risk investments. Rug pull is common in crypto and it is not something only associated with meme coins. You cannot blame the Solana network for all the wrong happening there are other crypto projects that are not scamming investors within the Solana ecosystem. Investment is always risky and that is why you need to do your research before investing. If you do not do any research then you will be at a loss and you cannot blame anyone for what happened to your money.

[Tipstar]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

There are more than a hundred coins mostly meme coins are launched everyday in solana. 99% of them dies within a year. It's not an exact data but by my experience.
I once tried meme coin hopping and every of my failed sales, the coin are dead by a few months. And it's not as surprising as well. Most of the coins are generated with the plan of single pump and dump.
These coins are generated because they have a demand. If people stops buying such coins, they won't be generating them. It's like those pre-mined coins in the past that were launched like everyday. They might hurt some gullible people financially but they'll weed out without creating much problems.

[Zaguru12]

Let me Start with this popular saying that everywhere there is ants there is sugar. Same thing goes to this crypto space too, once scammers see a place where there is hype they focus there to milk out naive people. It’s even surprising that you’re asking this, we all know that 90% of memecoins are build by scammers called devs.

As for Solana network knowing, I ask as how will they know? Most projects will present a good opportunity one can get to buy and they can easily rug pull.

So invest in memecoins or other coins with an amount you can afford to lose

[asriloni]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.

That's a usual condition when you are trading meme token. It's kinda stupid to use it as a mid or long term hold. You have known with the risk put your money on the meme token on solana which is 98% of them were scam tokens. If you are now losing your money then it's kinda normal since you are taking a very big risk decision insead of

Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

It's strange you are expecting blockchain to be a centralized entity when everything need to be verified first. That's why blockchain was a permisionless since you can issue and trade your token anytime. Keep in your mind to buy only the trusted token.

Stop waste your hard earned money to buy the meme token. You must learn a lot from this.

[Kelward]

Memecoins generally are pump and dump, so any investors that wants to buy any should understand that they're gambling their funds, because most of them are scams. I used to wonder why the Solana, network don't have a sort of regulatory framework to checkmate these scams and denting the reputation of their network, then I realized that Solana, is in the Blockchain business to make money, and any project that meets up the demand of their paperwork gets a pass whether they're scam or legit. Now it's left for investors to decide whether to patronize these projects or not.

[ryzaadit]

Well, know you getting some investment lessons.

Mate, it's decentralized........ People just can create any token in any network. It's not only on (Solana) but also on other network, and the one who should responsible is you to verify and do some due diligence. If you want to stay safe to your investment, at least you are investing to major coin/token
- Good liquidation
- History
- Product, etc

Not, just a random meme token while hoping hail-mary to gain big....... at least now you get some leason ~xd

[o48o]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

Question is, did you assume that most of them wouldn't be abandoned? Because i thought it would be common knowledge that happens with every new hyped thing. People who get lefts with the tokens are new bag holders and suckers that bought from last victims.

And it's not about sol. It's about latest trend. It could happen with any chain out there that's being hyped. And it has happened to eth and bsc a lot. SOL is just a latest dumpster fire people are pouring their money into, while hoping that they found that one gem that isn't immediately abandoned. No one who has been in here for more than year seriously believes any of these projects. They are only hyping them to get others buy their bags for profit. It's a silent agreement among shillers, everyone is just looking for right point to exit. Sooner is often better than later. Minus the unicorn rockets that these investors are leaving small moonbag for.

[kentrolla]

What else can we expect form memecoin ? This is not new as we have experienced this with ICO projects which were launched in 2017/2018 though there were some good project but once we entered 2018 it was all scam and people were rug pulled and now the same thing is happening with Solana network so veterans like me wouldn't be surprised at all. I have tried highlighting this issue in the past as well that people are just blindly going for Solana based memcoins just by looking at few successful projects without looking at the number of project which couldn't make it but people just get into stuff which is trending without using their brain.

[batang_bitcoin]

There are also a lot of abandoned projects in the other network but they are not paid any attention because the success rate is high as well, the same goes for Solana. Right now, we're on the bull run and this is causing a lot of optimism in the market because everyone is thinking of each project to become positive. I think in the bear market, there are always projects that are going to get rugged, and many scam projects exist by that time but everyone needs more extra care during the bull run.

[electronicash]

and this is why SOL is rising compared to the other projects that are verifying their developers. Solana is just taking part in these scams that want to take money from investors, this is also happening in ETH during the ICOs.

the bear market hasn't started yet but they are already abandoning projects, how much more will they abandon when the bear market is already here? all the memecoins probably will die before the exchanges can even dump their own holdings.

[btc78]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.

The solana blockchain has a lot of supporters hence why every project released on it seems to have “potential” even if in reality they really do not have. It’s a matter of credibility and confidence that these investors have.

Solana has been releasing memecoins left and right and people who can not identify red flags will surely miss them and be blinded by its name. Even though the blockchain it was launched on to has had successful projects not all of them would be.

[$crypto$]

Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

How easy would you say it is to have trouble profiting from memecoins but you don't realize that buying memecoins is like gambling? You yourself are wrong to expect profits from memes instead of better coins, remember don't expect too much you can win at memes it's not easy.

Solana only provides that feature where everyone can create tokens on the Solana network, so Solana developers never filter it, because you yourself have to do it not Solana, already know that memes are prone to rugpull but why do you still believe too much?

[goaldigger]

There’s always a project like this because those are the scam projects and of course they are just riding the hype and the trend, and when it’s over they will just abandoned it. This is happening in every network just like the ICOs before under the ETH network, you can expect more from SOL since it’s just the beginning of their hype. Better to be more careful in dealing with the new projects, always do your research and assess if you can take the risk or not.

[oktana]

It isn’t about Solana blockchain, the same can happen to you with any blockchain. When investing in memecoins, you should know more to invest only the amount you can afford to lose. Solana or not, if a memecoin will be successful, it will. And these things shouldn’t be unusual, it’s blockchain. Anyone can design/create what they wish. Just be more picky and scrutinizing.

[Ben Barubal]

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!

     You shouldn't be surprised by that, because that's normal in any network operation, because not all utilities in a network are all successful coins that are inside the network itself. They can only be affected if they all work hard to pump because SOL is rallying the market.

     But most of them for sure will also decline after the pump that they do because they are just going along with the trend or hyped up in the market. That's why, to be honest, many people are in a hurry or fall into such a trap.