Solana’s 40% Drop – Can It Bounce Back or Is It Done for?

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  • Solana is in freefall, losing 40% of its value, all thanks to memecoins and market chaos. Fun times!
  • And just to make things juicier, 11.2 million SOL tokens are about to be unlocked, which might tank its price even more. Can you feel the tension?

Well folks, Solana [SOL] has officially hit a rough patch, plummeting 40% since January. Why? Oh, just a little thing called memecoin madness and a rug pull involving the LIBRA token. Casual stuff, right?

And because things couldn’t get any worse, DEX trading volumes are down—way down—and the ticking time bomb of 11.2 million SOL tokens unlocking on March 1st? Yeah, that’s coming for the market like a wrecking ball.

Big investors are getting ready to cash out, leaving everyone to wonder if Solana can pull itself out of this mess, or if we should all start looking for new crypto hobbies. 🙄

SOL’s Price is Down, Down, Down

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As of now, Solana’s price is sitting pretty at $169.03, down a jaw-dropping 40% since its January highs. Oh, and did I mention it dropped another 10% just this week? Who could’ve predicted that?!

To make things even more fun, trading volumes are dipping, signaling that investors are losing their confidence faster than my patience during a Zoom meeting.

Memecoin Drama: LIBRA’s Big Oops

The LIBRA token—once the crypto darling, thanks to Argentine President Javier Milei—had a glorious moment. It reached a $4.56 billion market cap before crashing harder than my dreams on a Monday morning. In just hours, its value plummeted by a shocking 94%. Classic rug pull vibes!

Yeah, so it turns out the developers yanked the liquidity, leaving investors with, well, nothing. And now President Milei is facing legal action, because apparently, “whoops” isn’t a legal defense. 🙃

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This debacle has sparked a lot of questions about the impact of memecoins. It’s like a crypto soap opera that never ends!

Solana’s Struggles: DEX Drama and Token Unlocks

The Solana ecosystem is feeling the heat, as DEX trading volumes continue to plummet. At last count, Solana’s 24-hour DEX volume was $2.932 billion—down a lot. And over the past week? A 20.57% drop. Ouch. 💔

Platforms like Raydium and Orca are seeing activity drop off like it’s the end of a bad relationship. Raydium’s down 46.99%, Orca’s down 12.52%. Meanwhile, Meteora is up by 23.75%—because why not add some unpredictability to this rollercoaster?

But the real kicker? March 1st. When major investors like Galaxy, Pantera, and Figure unlock 11.2 million SOL tokens from FTX’s bankruptcy sale. Get ready for some sell-offs that could hit Solana’s price like a ton of bricks.

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2025-02-18 13:15