- Solana’s good luck stopped.
- Same for two presidents sparked scandals.
- Analysts say that fundamentals show the way for the network.
The terrible, without sheath and rotten race does not seem to know any end.
Sol fell 9% on Monday, just under $ 153.
The cryptocurrency has dropped more than 37% in the last 30 days, which is worse than the 19% drop in Ethereum, according to Coingecko.
The reason, it seems, is the product which was once a Solana force-the mechanics.
By kissing Memecoins, Solana’s market value ran before the competitors in 2024 and stimulated speculation, once again, that he could jump Ethereum.
Now, a series of scandalous outings even has attracted a serious flower.
Outrageous
On February 14, the Memecoin balance was promoted by the president of Argentina who loved the crypto, Javier Milei, crashed shortly after the initiates made a murder.
The episode triggered indignation in the South American nation and the crypto-market largely. And Solana, as is done several times in the past year, has welcomed Balance.
Despite this, some analysts expect Solana to resist the storm.
Carlos Guzman, analyst of the GSR marketing company, expects other applications to Solana prosper, including offers in the payment sectors, DEFI and artificial intelligence.
“There are additional reasons to be optimistic about Solana, including a possible ETF Sol and upcoming regulatory clarity, which should strengthen the confidence of investors,” said Guzman DL News.
However, there are no things to get around the fact that Solana has started its worst controversy since the network has undergone a number of breakdowns in 2022 and 2023.
Solana did not respond to a request for comments.
Sold all my $ soil yesterday.
Holds since the beginning of 2021 and remains optimistic in the long term.
But everything that is close to my heart
And I want to be where the DEFI performance is – on @Berachain.
Where are the new DEFI channels – on @Celistia.
And where are the fundamentals DEFI – on @ethereum.
GM
– David Phelps (@divine_economy) February 18, 2025
In January, the criticisms castigated President Donald Trump and his wife, Melania Trump, after having launched Memecoins on Solana. Trump and Melania’s pieces soaring before the crater.
Hawk Tuah effect
The token launched by Haliey Welch in December, the internet celebrity behind the hot “Hawk Tuah”, met a similar spell.
“When Melania launched after Trump, he brought back to home that some teams were purely extractive and really stole the launch of Trump’s thunder,” said Chris Chung, founder of the Solana Titan trading platform , said DL News.
“The last wave with the corner balance was the nail in the coffin.”
Solana’s dependence on Pump.Fun, a same factory that facilitates the launch of tokens, does not help.
When even jumped on January 23, the tokens were launched on Pump. 75% of all the tokens introduced throughout the Solana network, according to data from Soil And Dune.
“A market without permission is one thing, but validate scams kills other asset classes.”
– Ivan, gearbox protocol
Many cryptographic investors are not amused by the cascade losses that the mecoins generate.
More than 86% of the portfolios that bought Milei’s same, for example, have ended up losing money, depending on the search for Nansen.
“Evencoins penetrated the share of the mind which was previously attributed to real projects,” said Ivan, the pseudonym co -founder of the Gearbox protocol of the decentralized finance project, told DL News.
“A market without authorization is one thing, but validate scams kills other asset classes.”
Turn a page
Solana leaders rush to make adjustments.
MERT MUMTAZ, CEO of Solana Developer Platform Helius, announcement He hired a forensic researcher to help prevent fraudulent activities just a few days after the bond collision.
Brian Armstrong, CEO of Coinbase, said on X after the balance dive that “some people have clearly went too far” and called the industry to “purge the bad actors”.
Similarly, Edward Wilson, the marketing manager of the DEFI project, Onebalance, said that the cleaning of the crypto act of chaotic launches Mecoin must come from the industry.
“There must be a very strong perspective against these ideas and products,” said Wilson. “They really make prey and are predators.”
Debacle
As for Solana, Guzman de GSR said that very little had changed for the prospects of the network.
“The allegations of Solana’s disappearance because of this debacle are exaggerated,” he said DL News.
“Samecoin Mania would end up going out given its nature to zero amount and the fact that most participants lose money.”
Liam Kelly is a journalist based in Berlin DL News. Do you have a tip? Send him an email to liam@dlnews.com.
