Most June launches collapse

In June of this year, the Solana blockchain became a platform for fans of wacky coins. It was a busy month for everyone. The ecosystem now has 30 celebrity-themed tokens that reflect famous people from different fields, such as social media influencers, singers, and reality TV stars.

Although these launches garnered a lot of attention, they failed to live up to the hype; shortly after their release, the prices of a number of tokens dropped significantly.

Are Solana Meme Coins Dead?

Solana Network statistics indicate that celebrity-backed programs Meme Coins The tokens fell 94% in their first month. About 50% of these tokens have lost 99% of their value from their peak prices. This shows how speculative meme coins are, especially those that rely on celebrity endorsements for their investments.

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However Celebrity-backed tokens Despite the lackluster results, the Solana ecosystem is still thriving as various community initiatives attract meme coin aficionados. Thanks to its interesting idea and active community events, one such project, Sealana, has become somewhat famous among new releases. Popular for its presale success, the token attracted nearly $150,000 shortly after its release.

Base Dawgz is another meme coin project that has gained attention. This multi-chain meme coin offers staking payments and a share-to-earn mechanism, appealing to meme coin enthusiasts looking for new ways to participate.

Solana is currently trading at $186.69. Chart: TradingView

It’s not just new ideas that are driving the explosion of meme coin activity on Solana. Well-established and popular tokens like Dogwifhat and Bonk show the potential for significant gains within the ecosystem. Investors should exercise caution when exploring these prospects, however, as meme coins still carry significant inherent risk.

No more tokens

Solana has been creating more and more tokens, although there was a slight dip in June. In May, they distributed over half a million tokens. This shows how easy it is to add new tokens to the Solana network, especially as more people are becoming interested in meme coins.

For meme coin advocates, especially those who want to trade without paying high fees, the cheap transaction prices and fast processing times provided by the network have made it an attractive alternative.

Internal control

At the same time, the data revealed the existence of a network of insider wallets controlling significant amounts of supply, according to Bubblemaps. Inside could be anyone from team members and engineers working on the product to celebrities themselves. Anyone behind the scenes with knowledge of the launch is an insider.

According to Bubblemaps, insiders held between 20% and 90% of the tokens launched in June. Insiders were the main beneficiaries of these celebrity launches and likely sold their tokens at high prices.

Featured image from Pexels, chart from TradingView

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