Solana Drops 8.8 % Following LIBRA Meme Coin Crash

Solana ( SOL ) is down 8.8 % in the past 24 hours, hitting$ 169.01 following a series of controversies relating to meme coins based on its blockchain, including LIBRA and Harry Bolz ( HARRYBOLZ ).

This represents SOL’s lowest rate since mid-December, per statistics from CoinGecko. The cryptocurrency is now down 16.5 % week-on-week and 39.1 % since this time last month.

LIBRA, a meme coin from the Solana region, lost the majority of its value earlier this week after it was supported and then disowned by Argentine President Javier Milei, shedding over$ 4.4 billion in market capitalization just hours after launch.

Milei is currently facing charges of fraud, while insider trading allegations have plagued the LIBRA task. Blockchain investigators have even traced connections between the token’s lenders and those of U. S. First Lady Melania Trump’s image gold, MELANIA.

Several other Solana-based joke coins have recently experienced controversy and price volatility. One meme coin, Harry Bolz ( HARRYBOLZ), skyrocketed 54, 637 % before rapidly declining, after Tesla CEO and X owner Elon Musk briefly changed his name on the social media site to match the meme coin.

However, another Solana image gold, Vigilante (VIGI), surged before tumbling 69 % in just a few days, after a person was apprehended while climbing the iconic Hollywood signal in an attempt to promote the gold.

Token access receiving

But image coins aren’t the only causes that may be driving anger among speculators. On March 1, 11.2 million Liquid currencies (valued at$ 2.06 billion at the time of writing ) are set to be unlocked, as a result of bids from the November 2021 fall of FTX. SOL’s purchasers who lost their properties following the FTX’s estate’s bankruptcy will now be able to sell their drained coins.

Although some investors may be leaning toward Solana, at least in the near future, its ecosystem has seen a number of significant improvements in recent months. The blockchain’s previous years, such as 2022, saw a significant continuing problem with the Solana network, which recently saw a whole season without an outage.

And despite short-term despair, some asset managers remain really enthusiastic about the longer-term leads of the gold. Due to capturing a larger share of the bright deal bitcoin business and increasing market share in DEX levels, asset manager VanEck predicted that SOL would reach a large of$ 520 by the end of 2025.