Solana Dips To 5-Month Low As Memecoin Traders Retreat Post-LIBRA Scandal
The cryptocurrency market is facing significant challenges, with Solana (SOL) experiencing a 22% decline, reaching a five-month low. This downturn follows a 12% drop in Bitcoin and is linked to the ByBit exchange hack and President Trump's tariff proposals. Solana's struggles are exacerbated by its association with celebrity-backed memecoin scandals, particularly the LIBRA incident, which led to a market cap surge to nearly $5 billion before crashing. The number of memecoins launched on Solana has decreased from over 71,000 to 26,000. Open interest for Solana futures has fallen by 44%, indicating reduced investor confidence. Trading volume has dropped 54% in 48 hours. Currently priced at $134, analysts warn that if this support level fails, Solana could drop below $100, over 65% down from its all-time highs.
