Solana (SOL) has experienced a sharp decline amid a controversy involving Argentine President Javier Milei and a memecoin launched on the blockchain.
Solana (SOL) has experienced a sharp decline amid a controversy involving Argentine President Javier Milei and a memecoin launched on the blockchain.
| Key Takeaways: – Solana dropped to its lowest since November when Argentine President Javier Milei faced fraud allegations linked to the LIBRA token. – On March 1, 11.2 million SOL tokens worth $2.06 billion will be unlocked from FTX’s liquidation, potentially increasing selling pressure. |
The SOL cryptocurrency fell 5.7% over the past 24 hours, reaching $168.04. This is the token’s lowest point since early November.
Milei is now facing fraud allegations after endorsing and later distancing himself from the LIBRA token, which has been linked to accusations of insider trading.
Blockchain analysts have also identified potential ties between the creators of LIBRA and those behind MELANIA, a memecoin associated with U.S. First Lady Melania Trump.
However, the memecoin turmoil is not the only factor influencing Solana’s downturn. On March 1, a significant supply of SOL—11.2 million tokens worth approximately $2.06 billion—is scheduled to be unlocked. This stems from the liquidation of FTX’s assets following its collapse in November 2021.
The SOL tokens were acquired at heavily discounted prices during auctions held as part of FTX’s estate liquidation, and firms that purchased them will soon have the opportunity to sell.
Despite these short-term setbacks, some analysts maintain a bullish long-term outlook for Solana. Asset management firm VanEck has forecasted that the cryptocurrency could surge to $520 by the end of 2025.
Meanwhile, Solana’s ecosystem has achieved notable milestones. The blockchain recently completed a full year without experiencing an outage, marking a significant improvement from previous years when network disruptions were a recurring issue.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
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