Solana Price Drops 9% to $153 Amid Libra Token Scandal Fallout

Solana Price Plunges Below $153 Amid Libra Token Controversy and Cooling Meme Coin Market

  • Solana’s price dropped to $153, marking a 9% decline in 24 hours and a 25% decrease over two weeks.
  • The decline coincides with the Libra token controversy involving Argentina‘s President Milei and a cooling meme coin market.
  • Major asset managers including Franklin Templeton have filed for Solana-based ETFs, with a 70% approval probability.
  • Ethereum has shown better market resilience, declining 18% compared to Solana’s 38% drop.
  • Market sentiment shifts from speculation to integrity as uncertainty increases in the cryptocurrency sector.

Solana’s native cryptocurrency experienced a sharp decline to its lowest point since October 2023, trading below $153 amid fallout from the Libra token controversy and diminishing enthusiasm in the meme coin sector. According to CoinGecko, the token recorded a 9% drop in the last 24 hours.

- Advertisement -

The sixth-largest digital asset, with a $75 billion market capitalization, faces pressure following the Libra token incident, which lost 90% of its value within hours. The controversy escalated when Argentine President Javier Milei, who had promoted the token, faced calls for impeachment after subsequently denying knowledge of the coin’s creation.

Despite market turbulence, institutional interest remains strong. Franklin Templeton joined other major asset managers, including Grayscale, Bitwise, Canary, 21Shares, and VanEck, in pursuing Solana-based ETF approval. Bloomberg analyst Eric Balchunas estimates a 70% chance of SEC approval for these funds.

Mark Connors, CIO at Risk Dimensions, attributes the decline to changing market dynamics: “The fallout from the Libra launch and confusion on who owns Kanye’s online [name, image, and likeness rights] accelerated a reversal in sentiment for the meme-based L1.” He noted that Ethereum has demonstrated greater resilience, declining 18% compared to Solana’s 38% drop.

The meme coin market, which previously drove significant activity on the Solana Blockchain, shows signs of cooling. While speculation continues around potential celebrity-backed tokens, including rapper Kanye West’s possible entry into the space, the sector’s momentum has notably decreased since the January launch of the Trump-themed token.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Must Read

8 Best Bitcoin Offshore Hosting Providers

In this blog post, we'll list the top 8 best bitcoin offshore hosting providers that accept Bitcoin and other cryptocurrencies.As Bitcoin continues to grow...