As Meme Momentum Cools, Solana Plunges to the Lowest Price Since October.

In Monday investing, Solana dropped to its lowest level since mid-October amid ongoing concerns about its connection to a scandal involving the Libra gift, as well as a cooling attitude toward another image gold initiatives that have favored the system.

According to crypto industry data provider CoinGecko, the native bitcoin of the wise contracts Solana bitcoin is trading really below$ 153, down 9 % over the past 24 hours. SOL has dropped 25 % during the past two weeks, and dipped as low as$ 151 on Monday.

The reduction comes just 10 days after Libra, which had lost 90 % of its value in just a few hours, stoking accusations of fraud and calls for the prosecution of Brazilian President Javier Mllei, who had promoted the key in a blog on X. Milei, who later deleted the article and denied information about the coin’s development.

It also follows investors ‘ retreat from the once-torrid meme coin market, and even as multiple major asset managers have applied for exchange-traded funds based on the spot price of Solana—the sixth-largest digital asset with a$ 75 billion market capitalization.

On Friday, Franklin Templeton followed Grayscale, Bitwise, Canary, 21Shares, and VanEck in seeking a Securities and Exchange Commission green light for Solana-based funds. Eric Balchunas, a senior analyst at Bloomberg, has set a 70 % chance that the SEC will approve the ETFs.

In a text to , Mark Connors, the chief investment officer at New York-based Bitcoin investment advisory Risk Dimensions, wrote that token launchpad Pump. As market uncertainty increases, fun” can no longer carry the day for the faster blockchain, leaving investors favoring integrity over potential profit.”

Meme coin buzz hasn’t completely vanished; over the weekend, traders on social media speculated as to whether rapper Kanye West would follow through on his X posts and create his own coin. However, while traders continue to see glimpses of opportunity, the hype has actually stopped since January and the debut of Donald Trump’s coin.

” The fallout from the Libra launch and confusion on who owns Kanye’s online]name, image, and likeness rights ] accelerated a reversal in sentiment for the meme-based L1″, he added. Connors also noted that Ethereum was” no longer the middle child”, and that it “has outperformed Solana on the downside this past month, -18 % vs -38 % for Solana”.