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Solana Secures Nearly 50% of Crypto Investor Interest Despite Calls for Caution on Memecoin Presales

Last Updated March 21, 2024 5:22 PM
Shraddha Sharma
Last Updated March 21, 2024 5:22 PM
By Shraddha Sharma
Verified by Peter Henn

Key Takeaways

  • Solana’s ecosystem leads with 49.3% of global crypto investor interest, CoinGecko survey finds.
  • Ethereum follows as the second most popular, with 12.7% investor interest.
  • Meanwhile, Solana co-founder warns against memecoin presale due to rising scams.

The Solana ecosystem has secured nearly half of crypto investor interest worldwide, outshining other blockchain networks by a significant margin. According to a recent report by CoinGecko, Solana has garnered 49.3% of global interest amid a rise in memecoin presales. But why are there warnings about the trend?

Solana’s Stellar Rise

The Solana ecosystem’s surge in popularity is backed by strong price action and network activity, leading to increased active users and trading volume. As per CoinGecko , the fifth largest crypto has returned over 700% in a year.

New research by the platform finds that Solana tops the list of investor interest.

The report states: “The Solana ecosystem has emerged as the most popular blockchain ecosystem so far this year, accounting for 49.3% of global crypto investor interest in chain-specific narratives.”

SOL’s performance is attributed to key project tokens such as PYTH and native memecoins like dogwifhat. After beating Ethereum in network activity and volume, Solana is also way ahead in investor interest. In this category, its closest competitor Ethereum has captured 12.7% of investor interest as of March 20.

The report finds that since Ethereum’s position is of a well-established player in the market, it makes it less of a novelty to investors. Moreover, the focus on Ethereum has broadened to include layer 2 ecosystems developing upon its infrastructure, diluting its share of direct investor attention.

Out of 58 networks analyzed, the top 20 ranked by investor interest show Ethereum in the 2nd spot, followed by BNB Smart Chain with around 5%, Cosmos with around 4.5%, and Avalanche rounding out the top five. PulseChain, Aptos, and Hedera form the bottom three in the top 20.

Warnings Against Memecoin Presales

Despite Solana’s performance based on the memecoin rally, co-founder Anatoly Yakovenko has underlined caution to the community. The statement comes in the wake of fraudulent activities associated with these presales on the Solana network. An investigation by ZachXBT has revealed that a total of 796,000 SOL tokens, valued at over $149m, have been sent for 33 presales since March 12.

Yakovenko’s call to action comes as a response to this investigation.

He is cautioning against memecoin presales because of the underlying dangers amid such large investor interest. A perfect recipe for fraudsters to manage to amass large amounts through fake presales. Additionally, as per reports, speculation has also cost money to investors who tried to ride the viral wave.

Solana is Doing Well

Solana’s ascension to the top of the crypto investor interest chart in 2024 is good news for its investors. However, the enthusiasm surrounding its rise is tempered by concerns over memecoin presale scams.

There is a need for vigilance as fraudsters are also issuing scam tokens in the presale drive. Meanwhile, the blockchain is offering potential with SOL being one of the top performers.

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