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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana’s Market Woes Continue With A 32% Monthly Drop—Details

Christian Encila
Christian Encila
2 months ago
4 mins read
Solana

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Este artículo también está disponible en español.

Solana’s recent price behavior has sparked anxiety in the the digital currency market. The once-soaring blockchain has fallen significantly as a result of a widespread slump. Solana native token (SOL) has been down 32% in the last four weeks, trailing Bitcoin’s 10% decline and Ethereum’s 15% dip. As the network suffers with the fallout from a meme currency frenzy that left investors reeling, a sudden sell-off occurs.

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2 months ago

Meme Coin Mania Turns Into Disaster

Solana has been the epicenter of an explosive meme coin growth. Although this initially stimulated trading volume and interest, it has since led to severe negative repercussions. Rug pulls and failed initiatives on the network have reportedly resulted in a loss of more than $26 million. Many developers abandoned projects immediately after raising funds, leaving investors with tokens that were of no value.

The issue has escalated at an alarming rate. In the span of 30 days, the Solana ecosystem has lost at least 12 meme coin initiatives. The token’s price has declined as a result of this surge of failures, which has also negatively impacted investor sentiment.

It’s over for Solana

Worse than the FTX collapse$LIBRA, #MELANIA changed everything

🧵: Here’s what went down and what’s next… pic.twitter.com/mo6TMBpift

— Xremlin (@0x_gremlin) February 17, 2025

Is Solana In Trouble?

Crypto trader Xremlin recently declared on X that “it’s over for Solana,” comparing its decline to the FTX collapse—only worse. He pointed out that Solana’s recent surge in popularity was driven by speculation and the rise of meme coins.

Much of this activity stemmed from low transaction fees, attracting traders to platforms like Pump.fun. However, many of these tokens are seen as pump-and-dump schemes, adding to the negative sentiment around Solana’s ecosystem.

Ray Of Hope?

Meanwhile, Glassnode data indicates that Solana surpassed Ethereum on 23 of 49 days since the beginning of the year. Nonetheless, Solana has demonstrated greater susceptibility to market declines.

Since the beginning of the year, #Solana outperformed #Ethereum for 23 out of 49 days. However, $SOL has been more sensitive to recent drawdowns, with 30D price change clocking in at -32% as of Feb 17 (#ETH: -17%, #BTC: -8%) https://t.co/7p1xFARDLD pic.twitter.com/GE7WaV4hBi

— glassnode (@glassnode) February 18, 2025

Negative Impact On Network

Solana’s appeal as a low-cost, high-speed blockchain has attracted traders who are interested in leveraging speculative ventures. The proliferation of meme coins that resemble scams has, however, prompted grave apprehensions.

Currently, numerous analysts are cautioning that Solana is at risk of becoming a breeding ground for pump-and-dump schemes, rather than an ecosystem that fosters sustainable development.

SOL market cap currently at $84 billion. Chart: TradingView.com

Congestion issues on the network is also another big issue. Because meme currencies are so popular, the system has seen a drop in transaction speeds and occasional spikes in fees. This has caused some users to be frustrated and has made many wonder if Solana can sustain spikes in activity without slowing down.

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Cardano Soars Nearly 130% To $30 Billion, Climbs To 9th In Market Cap Rankings

2 months ago

Bitcoin And Ethereum Exhibit Resilience

Bitcoin and Ethsereum have weathered the latest slump with comparatively little damage, while Solana is having trouble. Bitcoin has fallen by 10% in the last month, whereas Solana has fallen by 33%. Even while it is still in a better position than before, Ethereum, which has also been under selling pressure, has seen a 17% drop.

During periods of uncertainty, investors are progressively gravitating toward established assets. Bitcoin and Ethereum have been able to maintain a higher level of market confidence by primarily avoiding the chaos that has been caused by meme coin implosions, in contrast to Solana.

Featured image from Gemini Imagen, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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