Kanye West. J.K. Rowling. Woody Allen. Art and artists are often difficult for some to separate.
Solana is causing similar problems in the crypto markets. While there are all sorts of use cases for the chain that don’t have anything to do with highly manipulated memecoins, SOL is still getting punished for the LIBRA debacle — which all happened on Solana.
SOL is down as much as 18% since LIBRA insiders dumped and pumped the coin Friday night (to outsnipe snipers who were waiting to capitalise first).
Although it has recovered a little, the damage to BTC is still evident. BTC’s and ETH’s prices are almost equal over that same time period. SOL has an $83.4 billion valuation, which is just over half of that for XRP.
Meteora is tied to both Jupiter — though it’s said that the two have been positioned independently over the past year — and LIBRA. JUP, Jupiter’s native token, which is used to aggregate Solana DEX, also lost as much as 24 %.
Chart above shows price movements for six coins during the LIBRA launch. TRUMP, MELANIA, ETH (green), SOL and JUP are all shown.
LIBRA’s Market Cap is also shown in blue on the front.
It’s interesting to note that TRUMP and JUP rallied strongly in the four hours leading up LIBRA’s launch, reaching 54% and JUP 17% respectively.
Since the LIBRA scandal, these trajectories are trending down.
Jupiter described LIBRA plans in a press release on X as an ambitious project. “open secret in memecoin circles.” According to the team, it conducted an internal probe and did not find any evidence of insider trade.
The pre-LIBRA pumping is unlikely to be a coincidence. But it’s obvious that the market finds it all convenient enough to bundle them all together under one roof — the Solana memecoin complex, as Galaxy’s Thorn put it — and it’s indeed valued much lower than before, at least over the short term.
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