Is Solana’s meme craze equal to Ethereum’s ICO era?

Author: Prashant Jha, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Solana blockchain has New memecoins are at the center of this bull run, with several new memecoins reaching multi-billion dollar market caps just days after their launch.

The meme coin craze has been compared to the Ethereum initial coin offering (ICO)-era bubble from 2017, when several crypto projects raised Millions of dollars were spent, but many projects failed to deliver.

Memecoins are cryptocurrencies that are derived from Internet memes or have other humorous characteristics, but lack any real-world use cases other than serving as pop culture references. These cryptocurrencies are highly speculative and are supported by some passionate online communities.

Dogecoin is considered the OG memecoin and was supported by Elon Musk during the 2021 bull run. By2024, multiple memecoins, some of which have been around for less than a week, have reached billions of dollars in market cap, hourly There will be new cryptocurrency millionaires.

Recent comparisons to the 2017 ICO pre-sale era come from the fact that many influencers have successfully raised millions of dollars through pre-sales to launch New meme coins.

Users on A 2018 report showed that more than 90% of ICO projects failed.

Similarly, there have been instances of influencers siphoning off pre-sale funds or dumping them onto the market immediately after a product is released. In one such instance, a developer raised 535,000 SOL ($10.4 million) to launch a memecoin, only to accidentally burn it all.

Developers burned $10 million on Sol. Source: Slerf on X

A user on The frenzy is a more honest version of the ICO craze of 2017 and the NFT/crypto art bubble of 2021, as projects “no longer need to pretend to deliver fake white papers, and investors no longer need to pretend” to be in it for the art’s sake.

Scammers are using meme coins to deceive people like crazy. Source: ZachXBT on Often attracting a few other traders to try their luck. However, in most cases, they lose a significant portion of their investment.

Trader's memecoin portfolio. Source: Elja on Liquidating the millions of new users who blindly poured money into technology that didn't work.