Scammers are actively conducting fraud using the “Solana meme token trend”

Crypto detective ZachXBT reported that a person is raising funds back to back using new Solana meme token projects.

Since last month, many Solana network-based meme tokens have taken birth in the crypto sector. However all these things helped to boost the total TVL under the Solana blockchain umbrella but on otherside, we saw huge numbers of meme crypto tokens, which are useless & can’t be used in any kind of useful work. 

The majority of people are investing in these meme tokens in small amounts blindly, to make high profits in the short term. Few people are really making money & few people are losing all their money.

Some scammers are taking advantage of these Solana meme token trends to scam people easily, as they don’t need to establish any kind of trust with token buyers. 

Popular crypto detective ZachXBT reported that a person, basically a scammer, successfully raised 6 figures of money in a previous meme token pre-sale and he is now again trying to loot money with the same concept.

At the time of writing this article, that scammer deleted his X account and probably he purchased that account from another person, investigation hints. 

Here this scam is not limited to scammers but also many high-profile crypto influencers are promoting different Solana meme tokens, obviously to make money for personal wallets, which is a type of scam with innocent Crypto investors.

Solana vs Ethereum

Amid this meme token trend, the Defi crypto trade volume of Solana’s top Dex surpassed Ethereum’s top Dex by 200%. 

In the last 24 hours, the trading volume within 24 hours on Solana Defi protocols Raydium, Jupiter and Orca surged rapidly. Among them, Raydium’s transaction volume reached $2.4 billion. 

In the same period, trade volume on top Ethereum Defi platform UniSwap was only $1.3 billion. 

Read also: OKX decides not to give support to Solana meme tokens!