What used to be a fun gamble on solana has turned into a real shitshow of theft and stupidity. You know that things have gone crazy when regular people are being robbed by governments and the president of the united States through cryptocurrency.
That wasn't on the cards a few years ago.
In the early days it was fun buying into coins early and trying to grab some attention. Making a few dollars and following memes racing to the top of the markets.
Some worked, some didn't but rugs were a small risk rather than a certainty.
Solana has seen a significant uptick in memecoin activity, but this has come with a surge in rug pulls—scams where developers abandon projects after collecting funds. In 2024, over 4 million tokens were launched on Solana, with a staggering 80%+ of these identified as rug pulls, according to blockchain security firm Hacken. This translates to potentially millions of rug pulls.
Ref: Grok
80% of tokens are now rug pulls. I don't have the exact figure on value but estimates are about $5 Billion.
$5 billion lost from the pockets of investors and a lot of market confidence when all i see on twitter are news of the latest scam or rug pull.
We will never get the general public to take crypto seriously when the news gets to report on these scams every day. It's a bad look for any industry and we have had this problem since way before meme coins.
We've had hackers, scammers, exchanges losing funds, stealing funds, market crashes, government interference, regulation court cases.
Every time that the industry looks to be making real progress it gets kicked in the balls again.
This time around it's the memecoin rugs from legitimate sources.
The low fees and high-speed transactions on Solana—handling over 65,000 TPS—make it a scammer’s paradise, as launching tokens costs as little as $100-$1,000. Platforms like Pump.fun have fueled this, with daily token creation rates hitting 10,000–20,000 since March 2024. The sentiment is clear: the ecosystem’s accessibility is a double-edged sword.
Ref: Grok
It's quick and easy to launch a memecoin and profitable to rug the community if you can get any traction.
Kayne West to launch a coin soon??
Only a rumor for now but it's all over my twitter feed this morning.
Luckily everybody seems to be on the same page for this one and it shouldn't gain the same traction as other coins launched this year by what seem to be legitimate sources.
Unfortunately, some people are still that stupid and will buy what is 100% going to be a pump and dump. The man is a raving lunatic and desperate for money. A bad combination and a recipe for disaster.
And it will make the news further denting confidence in crypto.
It's hard to build in this space.
Despite all of these scams and all of the money being lost, people keep putting more money into the system hoping to make it rich on one big gamble. Just like they have seen from the scammers online that are pushing the millionaire narrative when the reality is that they are on the inside getting inside info or kickbacks to shill this shit to the masses.
Than you have real projects like hive building and innovating the space.
Building every day.
- Games.
- Apps.
- Lightening networks.
- Social media platforms.
- Cross chain DEX.
- Debit cards.
A chain that is literally giving away free tokens, that pays users to be active and can't gain the same traction as Hawk Tuah girl.
There are legitimate tokens and projects in crypto but they can't grow while liquidity is being sucked out of the industry by these scammers laughing while they rob people.
When TRUMP launched it pulled money from all of the other top tokens. Tanked the markets and set us back after a few promising months.
This should be a big year for crypto if people can stay away from the memecoins on solana and invest in real and lasting blockchains.
Will it actually happen? Who knows...