From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!
There are more than a hundred coins mostly meme coins are launched everyday in solana. 99% of them dies within a year. It's not an exact data but by my experience.
I once tried meme coin hopping and every of my failed sales, the coin are dead by a few months. And it's not as surprising as well. Most of the coins are generated with the plan of single pump and dump.
These coins are generated because they have a demand. If people stops buying such coins, they won't be generating them. It's like those pre-mined coins in the past that were launched like everyday. They might hurt some gullible people financially but they'll weed out without creating much problems.