Hey there, crypto enthusiasts! If you’ve been keeping an eye on the Solana blockchain, you might have noticed some chatter about Initial Coin Offering (ICO) presales lately. A recent post by Yash on X (@yashhsm) caught our attention, highlighting the struggles of two big Solana ICO presales: MTN and PUMP. Let’s break it down and figure out what’s going on!

The Downward Trend of MTN and PUMP

Yash pointed out that both MTN and PUMP, two notable ICOs on Solana, have seen their values drop significantly this year. Here’s a quick rundown:

• MTN: Started with a fully diluted valuation (FDV) of about $6 million after raising $5.5 million. Now, its FDV is down to $3.4 million.
• PUMP: Launched with a $4 billion FDV and has since fallen to $3.6 billion.

These numbers might sound wild, but they tell a story of sell pressure outpacing buy pressure—a classic sign that early investors might be cashing out. Yash’s takeaway? Stay cautious with ICO presales, as the capital raised can sometimes get “extracted” (meaning insiders or early backers sell off, leaving others holding the bag).

What’s Behind the Drop?

The crypto community jumped into the conversation with some interesting insights. For instance, @metanallok suggested looking at the net asset value (NAV) per token rather than just FDV. They even shared a chart showing a token’s price drop over time, which you can see below:

This chart hints that the decline might not be as simple as it seems—maybe the token’s underlying value hasn’t tanked as much as the market cap suggests. Meanwhile, @edgarpavlovsky and others argued that MTN’s FDV drop is due to DAO-led buybacks, where the project repurchased tokens to let investors exit, shrinking the market cap without losing actual value.

Are All Presales a Bad Bet?

Not everyone agrees with Yash’s blanket warning. @airtightfish and @DeFiTuna hinted that some presales, like DeFiTuna’s, might still hold promise due to different mechanisms. Plus, Yash himself mentioned AI16Z, another Solana presale, which used a bonding curve (a pricing model where token prices increase as more are sold) and saw its value rise from 420 SOL to $200 million. This suggests that not all presales are doomed—success might depend on the project’s structure and execution.

What This Means for Meme Token Lovers

At Meme Insider, we’re all about keeping you in the loop on meme tokens and blockchain trends. While MTN and PUMP aren’t meme coins, their struggles reflect broader lessons for the crypto space, including the meme token ecosystem. Presales can be a gamble—great for early birds if the project takes off (think of meme coins like Dogecoin that hit the moon), but risky if the hype fades.

If you’re eyeing Solana ICOs, check out resources like icobench.com for the latest presale listings, such as Faith ($FAITH) or Snappe ($SNAPPE), which are gaining traction in 2025. Just remember to do your homework—look at tokenomics, community support, and whether the team has a solid plan.

Final Thoughts

The MTN and PUMP saga is a reminder that ICO presales aren’t a guaranteed goldmine. Sell pressure, insider exits, and market dynamics can turn a promising start into a disappointing drop. But with the right research and a bit of luck, some presales could still shine. What do you think—will you steer clear of presales, or are you betting on the next big Solana hit? Drop your thoughts in the comments, and stay tuned to Meme Insider for more crypto insights!