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SOL, the native token of the Solana community, is likely one of the worst-performing cryptos in current days. As soon as the darling of the meme coin crowd, the favored blockchain is dealing with its hardest take a look at but with its large worth drop and dip in community exercise.
SOL is presently buying and selling at $173, however it’s down practically 10% from final week’s worth and 15% from two weeks in the past. If we zoom out on its worth historical past, the token is down 27.5% from final month’s worth.
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Final Tuesday, Solana shed 10% in 24 hours, triggering considerations amongst holders and long-term traders. In accordance with on-chain knowledge, the token drop was partly pushed by the embarrassing launch of LIBRA, which is presently below investigation. LIBRA’s dump after its launch prompted panic amongst meme coin holders, with SOL as one in all its most distinguished victims.
Community Exercise Drops 55% With Low Quantity
Solana’s present woes transcend the current worth motion. In accordance with knowledge shared by crypto analyst Ali Martinez, the chain’s actions are slowing down. A Twitter/X put up shared on February seventeenth famous that the variety of lively addresses on the community dropped to eight.4 million in the present day from 18.5 million in November 2024. This knowledge displays a 55% drop, an alarming signal that builders are leaving the platform in droves.
Additionally, the full quantity transferred to the community dropped from $2 billion in November to simply $26 million this week. This 99% drop displays the challenge’s lack of momentum.
The entire quantity transferred on the #Solana $SOL community has dropped from $2 billion in November to simply $26 million in the present day! pic.twitter.com/qgCOmjd2It
— Ali (@ali_charts) February 17, 2025
Extra Challenges Up Forward For SOL
Crypto analysts are bracing for the worst for SOL within the subsequent few weeks. Over the following three months, round 15 million SOL tokens valued at $7 billion might be unlocked. And placing the 4.715% inflation fee within the equation, the elevated provide of SOL tokens available in the market will create promoting stress.
SOL is presently up, however its worth is means beneath its peak. The token is down 27.5% from final month’s worth and boasts a market capitalization of round $84 billion. Now, insiders and traders hope the spot SOL ETFs might be authorized within the brief time period.
Are SOL Meme Cash Subsequent?
The SOL worth motion benefitted from the surge of newly minted meme cash on the platform. Nonetheless, the variety of tokens minted on the platform has decreased significantly in the previous couple of months. Solana was the platform of selection for degens and builders then, thanks primarily to its quick transactions and low price.
Nonetheless, current occasions affected the platform’s repute, notably the launch of SOL-based meme cash like MELANIA and LIBRA.
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For instance, LIBRA was launched with a lot fanfare, with Argentine President Javier Milei sharing a put up and recommending the challenge. Nonetheless, minutes after making his put up public and pushing the brand new token previous $5, it instantly crashed, main many to say it was a basic “rug-pull.” MELANIA can be linked to LIBRA; some analysts say they share the identical improvement group.
Featured picture from Shutterstock, chart from TradingView