ALERT ⚠️
SOL dump ahead sol is dumping hard due to rug pull memecoins the mastermind behind is same
Solana (SOL) has experienced a significant price decline recently, influenced by several key factors:
$LIBRA Memecoin Scandal: The collapse of the $LIBRA memecoin, which was built on the Solana blockchain and promoted by Argentine President Javier Milei, has severely impacted investor confidence. The token's value plummeted by over 94% shortly after its launch, leading to substantial financial losses and political turmoil.
Declining Network Activity: On-chain data indicates a sharp decrease in Solana's network activity. Active addresses have dropped from 18.5 million in November to approximately 8.4 million currently. Additionally, the total volume transferred on the network has fallen from $2 billion to just $26 million in the same period, reflecting reduced user engagement.
Upcoming Token Unlocks: Investors are concerned about the impending release of over 15 million SOL tokens, valued at more than $7 billion, scheduled between February and April. This significant increase in circulating supply could exert additional downward pressure on SOL's price.
As of now, SOL is trading at $168.69, with an intraday high of $186.63 and a low of $164.21. The combination of the $LIBRA controversy, declining network metrics, and the anticipated token unlocks has created a challenging environment for Solana, contributing to its recent price decline.
