#TradeFiRevolution Since mid-2023, SOL has significantly outperformed ETH, with the SOL/ETH ratio increasing more than tenfold over that period, according to TradingView.

Solana’s explosive growth — the chain’s total value locked (TVL) rose from roughly $1.4 billion to over $9 billion in 2024, according to DefiLlama — was largely driven by memecoin trading.

On Feb. 14, Libra (LIBRA), a memecoin ostensibly backed by Argentine President Javier Milei, lost about $4.4 billion in market cap within hours of its launch.

Over the past 48 hours, the fallout has contributed to a more than 15% drop in SOL’s price.

Now, traders are looking at the role of popular Solana apps like Meteora in LIBRA’s failed launch.

In a Feb. 17 post on X, Beanie, an investor at venture capital firm Gm Capital, claimed that Solana-based decentralized exchange (DEX) Meteora “is sniping its own tokens.” Sniping generally refers to buying a token early in order to quickly sell it for a profit.