Oh dearie me! The Solana price has taken a nosedive, plummeting almost 5% today, like a clumsy elephant on roller skates! 🐘💨 It has lost its precious $190 support level, and the reasons are as tangled as a bowl of spaghetti! 🍝
Why The Solana Price Is Dropping
According to the wise folks at CoinMarketCap, our dear Solana is in a bit of a pickle, teetering on the edge of dropping below $180! 😱 Crypto analyst Ali Martinez, who seems to have a crystal ball, pointed out that the number of wallets holding more than 100 SOL has shrunk by 2.24% in the last two weeks. From 154,653 to a mere 151,184! Talk about a wallet diet! 👜💔
It appears that some of the big fish, or should I say whales, have been offloading their shiny coins, contributing to this price tumble. Just recently, the meme coin launchpad Pump.fun decided to let go of a whopping 148,759 SOL, worth over $28 million! 💸💔
But wait, there’s more! The Solana price is also feeling the pinch from a drop in decentralized exchange (DEX) activity. DeFiLlama reports a 24% decline in DEX volume on Solana. Meanwhile, the BSC network is thriving like a garden full of daisies, with DEX volume surging by almost 50% in just a week! 🌼📈
Libra Meme Coin’s Role In This Price Decline
Now, let’s talk about the LIBRA meme coin saga, which sounds like a plot twist from a bad movie! 🎬 Argentina’s President Javier Milei decided to promote a SOL meme coin, LIBRA, on his X account. Spoiler alert: it turned out to be a rug pull, crashing over 94% in mere hours! 🚨
According to the Solana Post, a staggering 74,698 traders lost over $286 million on this token! Ouch! 😬 Meanwhile, insiders reportedly cashed out over $100 million. It’s like a game of musical chairs, but everyone forgot to sit down! 🎶💰
$LIBRA wiped out traders.
74,698 traders lost $286M+ on the token promoted by Argentina’s President @JMilei.
71,369 lost up to $10K
2,409 lost $10K–$50K
438 lost $50K–$100K
318 lost $100K–$250K
87 lost $250K+
52 lost $500K+
25 lost $1M+
Total carnage.
— The Solana Post (@thesolanapost) February 17, 2025
This whole debacle has stirred up a pot of fear, uncertainty, and doubt (FUD) in the Solana ecosystem, which is now being labeled as a playground for bad actors! 🎭 As a result, meme coin traders are packing their bags and heading to greener pastures, leaving Solana’s once-bubbling meme coin ecosystem in the dust! 🌪️
And let’s not forget the looming threat of a further crash! As CoinGape reported, SOL could face a tidal wave of selling pressure from the $2.06 billion tokens that will be unlocked in early March. These coins are part of the FTX bankruptcy estate, which some clever folks like Pantera Capital snatched up at an auction. 🏦💥
Read More
- Top 5 Swords in Kingdom Come Deliverance 2
- Reverse: 1999 – Don’t Miss These Rare Character Banners and Future Upcoming Updates!
- EUR AUD PREDICTION
- Brent Oil Forecast
- How to Use Keys in A Game About Digging A Hole
- 8 Best Souls-Like Games With Co-op
- USD VES PREDICTION
- Best Avowed Mage Build
- Esil Radiru: The Demon Princess Who Betrayed Her Clan for Jinwoo!
- USD DKK PREDICTION
2025-02-17 19:37