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Kanye West. JK Rowling. Woody Allen. Some find almost impossible to separate the art of the artist.
Cryptographic markets are struggling with something similar about Solana. Although there are all kinds of use cases for the chain which have nothing to do with very manipulated same, soil is always punished for the debacle of the balance – which all happened on Solana.
Since the initiates of the scale pumped and threw the medal on Friday evening (supposedly to exceed the snipers while waiting to capitalize first), Sol was sang up to 18%.
It has been slightly rebounded since, but the damage is clear, especially given the BTC and the ETH, most of them during the same period. Sol now has a market capitalization of $ 83.4 billion, just over half of that of XRP.
Meteora is linked to both Jupiter – although it is said that the two have been positioned independently in the past year – and balance. JUP, the native token for Solana Dex Jupiter’s aggregator, also lost up to 24%.
The graph above compensates for the price action for six parts throughout the launch of the balance from two days earlier: Trump (Orange), Melania (yellow), ETH (green), ground (purple) and JUP (Rose).
The market capitalization of the balance is otherwise shown by the blue zone at the front.
What is special is that Trump, Jup and Melania rallied hard to lead to the sudden appearance of balance, the first reaching up to 54% four hours before the launch of the balance, and JUP until 17%.
These trajectories changed one or two hours before the scale hit the chain and has been down since the scandal broke out.
Jupiter, in a declaration on X, described the launching plans of the scale as a “police secret in the same circles”. The team says that she conducted an internal investigation and found no evidence of initiate.
We will probably never know if the pre-libra pumps were coincidences. But it is obvious that the market finds all this practical enough to group them all together under the same roof – the Solana Memecoin complex, as Galaxy’s Thorn said – and it is indeed appreciated much lower than before, at least in the short term.
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Start your day with David Canellis and Katherine Ross Crypto ideas. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, politics and finance with Ben Strack, Casey Wagner and Felix JAUVIN. Subscribe to the Newsletter Guidance Forward.
Get Alpha directly in your reception box with the 0xresearch newsletter – Protective markets, graphics, dengen trade ideas, governance updates, etc.
The Lightspeed newsletter is all that is Solana, in your reception box, every day. Subscribe to Daily Solana News from Jack Kubinec and Jeff Albus.
