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Solana has been having a unsmooth clip lately, dropping 33% implicit the past month, 25% weekly, and 8% successful conscionable past 24 hours. Right now, Solana is sitting astatine $128.14, with its marketplace headdress shrinking to $65.22 billion.
While the Sol terms is sliding down quickly, the trading measurement has already doubled, suggesting astir of the holders are selling.
Source: CoinMarketCapAt the commencement of 2025, Solana was successful a overmuch stronger position, but since then, it’s mislaid astir 29% of its value. This is adjacent though the US authorities added it to the US Digital Asset Stockpile, alongside Cardano (ADA) and XRP. Many expected this to beryllium a game-changer, but it hasn’t done overmuch to halt the downtrend.
A large portion of the occupation seems to beryllium wherever each the caller liquidity is going. Since January, implicit $9.5 cardinal worthy of USDC stablecoins person been minted connected Solana, but lone a tiny portion has flown into Sol token, arsenic overmuch of it has ended up successful memecoins. This means Solana hasn’t gotten the boost it needed, leaving investors frustrated.
On apical of that, a batch of investors are pulling their wealth retired of Solana entirely. In February alone, $485 cardinal near the network, with funds moving to Ethereum, Arbitrum, and Binance Smart Chain instead. This displacement seems to beryllium driven by a deficiency of spot aft a question of memecoin scams burned investors.
Solana traders person besides been deed hard by liquidations. Just successful the past 24 hours, a full of $26.55 cardinal successful trades were wiped out. Most of these were agelong positions of $23.45 cardinal worth, suggesting that radical who stake connected a rebound are being caught disconnected guard.
Adding to the mess, 1 of the biggest memecoin scams successful caller past happened connected Solana. The Libra token, which adjacent got an endorsement from Argentine President Javier Milei, turned retired to beryllium a rug pull. Insiders drained $107 million, crashing the terms by 94% successful conscionable hours and erasing a staggering $4 cardinal successful capitalist money.
The broader crypto marketplace isn’t looking overmuch better. Right now, the planetary marketplace headdress is sitting astatine $2.71 trillion, down 4.29% successful a day. The caller White House Crypto Summit connected March 7, which was expected to bring immoderate much-needed optimism, has seemingly had the other effect.
The full crypto assemblage had precocious hopes for this event, but alternatively of a rally, the marketplace has been crashing since. Bitcoin is down 5%, Ethereum is down 6%, and the antagonistic sentiment is spreading.
Also Read: BTC struggles beneath $84K contempt Trump Crypto Summit push
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