Solana’s (SOL), has seen a downward trend and significant retracement in the past few months. Asset has dropped 40% from its high on Jan. 19. The trend appears to be continuing as the meme coin mania wanes. SOL has fallen a further 8 percent on the day and is now below $170, the lowest price since November.
Solana’s popularity in the last few months has been driven primarily by speculation and meme coin-mining, but this is not true. started falling.
Degens has flocked towards the blockchain for its low cost to mint and sell meme coins Pump.fun. These phony tokens are largely useless and have no real purpose. A large percentage of them were part of pump-and dump schemes.
Is Solana’s Game Over?
“It’s over for Solana,” lamented crypto trader ‘Xremlin’ who added it is “Worse than the FTX collapse.”
The traders blamed MELANIA The First Lady’s coin, launched days after the TRUMP campaign, was called token. LIBRA is a token allegedly promoted and marketed by the president of Argentina, Javier Milei. He has denied this.
The analyst stated that insider trading contributed to Solana’s fall by causing pump and dumps, which liquidated retail traders.
“This past month showed how bad things are on Solana’s meme scene. Mostly, it’s insiders making money while everyone else loses. Today, the SOL price began responding to this sentiment.”
Solana is no more
Even worse than the FTX crash$LIBRA, #MELANIA Change everything
: Here’s what went down and what’s next… pic.twitter.com/mo6TMBpift
— Xremlin (@0x_gremlin) February 17, 2025
Meanwhile, crypto investor “Ash Crypto” said Now we know what the true reason is for Solana’s meme coins to be dying. He said that insiders were snatching up these launches of meme coins and selling them to retail for a loss.
“Insiders have extracted $200+ Million from these Solana launches so far.”
“Solana and SOL memes are dumping hard because people are realizing this whole game was rigged, and it was all just wealth transfer/value extraction from crypto gamblers to project insiders,” He said Separate post.
Other users posted shocking stats about the amount of money extracted from Solana meme coin.
Calculate the sum of all memes about solana.
– trading bots & apps: 1.09bn
– pumpfun: 492m
– MEV: 1.5-2bn
– Trump insiders: 0.5-1bn
– Other insiders: unknown
– AMMs: 0-2bnTotal: 3.6 to 6.6 billion dollars
Next tweet: Sources
— 0xngmi (@0xngmi) February 15, 2025
Ethereum Surprises with a Move
If you’re looking for a response to SOL, ETH prices The market has bucked this trend by reaching a new 12-day-high of 2,830 dollars on Monday.
ETH, however, was unable to overcome the market’s momentum and fell below $2700 once again in trading on Tuesday.
Total market cap is down 3% on the day at $3.27 trillion and SOL is the largest loser in the top 40 crypto assets – while Solana-based meme coins are not far behind.
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Source: cryptopotato.com
