A recent meme coin pre-sale on Solana (CRYPTO:SOL) turns sour, sparking a sharp price drop and raising concerns about project transparency and security within the crypto community.

Despite the popularity of meme coins on Solana, the Boba Oppa (CRYPTO:BOBAOPPA) project's near-50% price drop and questions about fund allocations have fueled skepticism among investors.

The closure of Solareum, a Solana-based Telegram trading app, following a wallet-draining exploit, further adds to concerns about the safety of meme coin investments.

Investigations reveal that affected users likely shared private keys with other apps, absolving popular Telegram trading bot BONKbot from blame in the exploit.

Despite setbacks, meme coin trading has significantly boosted trading volumes on Solana's decentralised exchanges (DEXs), reaching $60.35 billion in March 2024, with platforms like Orca and Raydium leading the charge.