Solana Market Cap Drops 18% Amid LIBRA Memecoin Controversy
Crypto markets are reacting negatively to the recent LIBRA incident involving Solana, impacting its native token, SOL. Key points include:
- SOL experienced an 18% drop following LIBRA's launch.
- The market cap of SOL is currently $83.4 billion, surpassing XRP's by a narrow margin.
- JUP, the token for Solana DEX aggregator Jupiter, also declined up to 24% during this period.
- Prior to LIBRA’s emergence, tokens such as TRUMP and MELANIA saw significant price increases, with TRUMP rising 54% shortly before launch.
- Jupiter stated it found no evidence of insider trading despite the market's suspicions.
- The overall sentiment has led to a decrease in the valuation of the Solana ecosystem.
The situation illustrates the volatile nature of the crypto market as it grapples with incidents tied to specific tokens.