Solana co-founder Anatoly tells community to stop investing in memecoin pre-sale.
Solana Labs co-founder Anatoly Yakovenko appears to have taken a stance against Solana-based memecoin, urging investors to “stop doing this” in relation to data showing large amounts of SOL being transferred to memecoin pre-sale contracts .
On-chain sleuth ZachXBT shared the image below detailing a list of social media accounts that recently raised significant funding for memecoins from Solana. At the top of the list, 0xDekadente, raised 169,982 SOL (about $30.5 million), while the lowest-valued project, NftRamo, raised about $165,060.
Anatoly quoted the above image and the phrase “Stop doing this” without further comment. Memecoin’s enthusiasm recently helped push the price of SOL above $200 for the first time since the last bull market and hit a new all-time high market capitalization.
As of press time, 0xDekedente is attempting to airdrop tokens to pre-sale investors, but is experiencing difficulties due to network congestion. As a result, the account suggested launching tokens before airdropping them to investors.
“The smolana network is extremely congested and currently airdropping LPs simultaneously is not possible… I try, but it’s impossible.
So you choose: start now $Suzy Airdrop in the next few hours…
If you run airdrops and LPs simultaneously, it will take hours for the network to decongest… “I don’t know exactly how long it will take due to congestion, but whatever your decision, we will do it as quickly as possible.”
Currently, online polls suggest that the tokens will be released before the airdrop occurs. This means that investors who contributed to the pre-sale will not have tokens available to sell upon token launch.
As of press time, SOL is trading at around $179, down 15% from its local high. Seen as an end to liquidity gambling by some and a significant community innovation by others, memecoins are likely to drive interest in Solana for the wrong reasons.
Memecoin demand at least serves as a stress test for the network, showing pressure points for network congestion when demand is high. Memecoin is struggling to launch liquidity pools and airdrop tokens, while tokens and dApps with real utility have little to no exposure.
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