Solana (SOL) Drops 15% as LIBRA Meme Coin Wipes Billions

Solana (SOL) conscionable had a brutal week, crashing astir 15% and slipping beneath $170. It’s present sitting astatine $169.01, its lowest since mid-December. The full crypto marketplace isn’t looking large either, losing $150 cardinal implicit the weekend, with the full marketplace headdress present astatine $3.15 trillion.  

Source: CoinMarketCap

SOL took the hardest deed among large cryptos, dropping the most. XRP wasn’t acold behind, slipping 8% but managing to enactment supra $2.5. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) held up better, falling little than 3% and 2%. 

At the aforesaid time, Bitcoin’s dominance successful the marketplace has climbed to 60%, its highest level successful 4 years—as investors determination distant from altcoins.

One of the biggest reasons for Solana’s crash? The meme coin chaos connected its blockchain. LIBRA, a Solana-based token, wholly collapsed aft getting hyped by Argentine President Javier Milei, past abandoned, wiping retired $4.4 billion successful hours. Another meme coin, Harry Bolz (HARRYBOLZ), lone made things worse.

Market sentiment is inactive bearish, and unless things crook astir fast, Solana and different altcoins could beryllium successful for an adjacent rougher thrust ahead.

Also Read: Crypto Price Today (Feb 19, 2025): Bitcoin Dips Below $94k, Solana Drops To $160