Why is Solana (SOL) Falling? Is the Only Reason the LIBRA Scandal? According to Analysts, Everything Started with TRUMP!

robot
Abstract generation in progress

The cryptocurrency market has been shaken in recent days with the Libra (LIBRA) scandal, and the support for Bitcoin by Argentine President Javier Milei has further fueled the events.

While Solana (SOL)-based memecoin LIBRA is being discussed in the market, Galaxy Research stated that the LIBRA project is a scam, negatively affecting the Solana ecosystem.

According to Coindesk's report, Galaxy Research has reported that the LIBRA token scandal has negatively affected Solana's memecoin market and the situation could worsen further.

Analysts have noted that since the launch of LIBRA, Solana has significantly declined against both the US dollar and Ethereum.

Galaxy claimed that TRUMP, Donald Trump's token memecoin, has shaken investor confidence by withdrawing a large amount of liquidity from the market, and asserted that the Solana and SOL memecoin sector has actually faced difficulties since the launch of TRUMP into the market.

Galaxy Research research president Alex Thorn said the following:

The LIBRA incident is the ugliest event in the Solana memecoin ecosystem after its launch by TRUMP in January and reaching a valuation of 75 billion dollars.

LIBRA issuer, Kelsier CEO Hayden Davis, rejected claims that the project is a rug pull, arguing that it is simply a failed plan with only 100 million dollars still under control.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Share
Comment
0/400
GateUser-afd5bac4vip
· 02-18 15:49
Just rush it 💪
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)