Solana fell to its lowest trading price since October midday on Monday, amid continued concerns regarding its connection with a scandal surrounding the Libra token and a cooling of sentiment towards other meme coin initiative that favored the Network.
CoinGecko reports that the native cryptocurrency used by the Solana Blockchain for smart contracts is currently trading at just below $153 – down about 9% from the previous 24 hours. SOL is down 25% over the past two week and has dipped to as little as $151 Monday.
It is a decline You can find out more about this by clicking here After losing 90% of the value in hours within 10 days, Accusations of sparking offrage fraud You can also find out more about the following: Calls Milei deleted his post after he had made it and denied knowing about its creation.
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.
The Friday before Easter is a holiday. Franklin Templeton Follow us on Instagram Grayscale, Bitwise Canary, 21Shares and VanEck You can find out more about this by clicking here. The Securities and Exchange Commission gave the go-ahead for funds with Solana’s name. Bloomberg Senior Analyst Eric Balchunas has Pencil in A 70% chance that the SEC approves the ETFs.
To text to DecryptMark Connors wrote in a blog post that the token launchpad, Pump.fun, could not be trusted. “longer carry the day for the faster blockchain, leaving investors favoring integrity over potential profit as market uncertainty sets in.”
Meme coin buzz hasn't completely disappeared; traders speculated across social media over the weekend on whether rapper Kanye West would follow through on his X posts and launch his own coin. But while traders still see glimmers of opportunity, the hype has indeed quieted compared to January and the launch 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 said. Connors noted also that Ethereum is “no longer the middle child,” It is a fact “has outperformed Solana on the downside this past month, -18% vs -38% for Solana.”
Andrew Hayward is the editor
