In the grand theater of the cryptocurrency market, where fortunes are made and lost with the flick of a digital switch, Solana (SOL) finds itself in a most unfortunate predicament. Once soaring high, like a lark in the spring sky, it has now descended into the depths of despair, witnessing a staggering decline of 40% since its zenith on the 19th of January, when it basked in the glory of $293. Alas, the winds of fortune have shifted, and the once-cherished asset now languishes below the $170 mark, a fate it has not known since the early days of November.
The meteoric rise of Solana was fueled by the fervent enthusiasm of meme coin enthusiasts, those intrepid souls who minted and speculated with reckless abandon. Yet, as the fervor of this meme coin mania wanes, so too does the value of SOL, which has suffered an additional 8% decline in a single day. It is as if the very essence of joy has been siphoned from the market, leaving behind a hollow shell of what once was.
In this chaotic landscape, the so-called “degens” flocked to the low-cost blockchain, eager to mint and promote their whimsical tokens on platforms like Pump.fun. Yet, the vast majority of these tokens, devoid of any real utility, served only as vessels for the most dubious of schemes—pump-and-dump operations that left many a retail trader in the lurch.
Is This the End for Solana?
“It’s over for Solana,” lamented the crypto trader known as ‘Xremlin,’ whose words dripped with the bitterness of defeat. He went so far as to declare it “worse than the FTX collapse,” a statement that would surely raise eyebrows in the hallowed halls of financial discourse.
Blame, it seems, has been cast upon the MELANIA token, a coin birthed in the shadow of the First Lady, and the LIBRA token, allegedly championed by Argentina’s president, Javier Milei, who vehemently denied any involvement. The machinations of insider trading have further exacerbated the plight of Solana, leading to the liquidation of countless retail traders, as the analyst lamented.
“This past month has revealed the grim reality of Solana’s meme scene. It appears that only the insiders are reaping the rewards while the rest are left to pick up the pieces. Today, the SOL price began to reflect this disheartening sentiment.”
It’s over for Solana
Worse than the FTX collapse $LIBRA, #MELANIA changed everything
: Here’s what went down and what’s next…
— Xremlin (@0x_gremlin) February 17, 2025
Meanwhile, the astute crypto investor “Ash Crypto” has unveiled the true nature of the demise of Solana’s meme coins. Insiders, it seems, have been sniping these launches, selling to unsuspecting retail traders, and extracting a staggering $200+ million from these ventures.
“Insiders have extracted $200+ Million from these Solana launches so far.”
“The decline of Solana and its memes is a stark reminder that this entire game was rigged, a mere transfer of wealth from the hopeful gamblers to the insiders who orchestrated this grand charade,” he mused in a separate post.
Others have taken to social media to share shocking statistics regarding the extraction from Solana’s meme coins:
calculated the total extracted from memes on solana:
- trading bots & apps: 1.09bn
- pumpfun: 492m
- MEV: 1.5-2bn
- Trump insiders: 0.5-1bn
- Other insiders: unknown
- AMMs: 0-2bn
Total: 3.6-6.6+ bn
Sources in the next tweet
— 0xngmi (@0xngmi) February 15, 2025
Ethereum‘s Unexpected Resurgence
As if to mock the plight of Solana, Ethereum (ETH) has made a surprising move, defying the downward trend and reaching a 12-day high of $2,830 on Monday. Yet, as is often the case in this capricious market, the momentum proved too great, and ETH soon found itself retreating below the $2,700 mark during trading in Asia on Tuesday.
The total market cap has taken a hit, down 3% on the day, resting at $3.27 trillion, with SOL emerging as the largest loser among the top 40 crypto assets. The Solana-based meme coins, too, are not far behind in this race to the bottom.
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2025-02-18 10:05