Meme Coins Lifted Solana—Now They’re Dragging It Down


Last year, Solana surged ahead, even outpacing Ethereum in transaction volume. Some experts saw it as the driving force behind the next altseason, with the potential to replace Ethereum as the dominant smart contract platform. As the Solana-Ethereum rivalry intensified, unexpected events unfolded across the crypto market.


But now? Solana’s decline is hard to ignore. It’s not just dipping with the market—it’s falling faster. The same meme coins that propelled Solana to new heights in 2023 and 2024 are now a major factor in its decline.


The CAR token, hyped by the President of the Central African Republic, and $LIBRA, promoted by Argentine President Javier Milei as a tool for economic growth, both launched only to crash spectacularly—leaving investors burned and eroding trust in the market. These scandals have further damaged Solana’s reputation, associating it with scams, rug pulls, wash trading, and market manipulation.


The same cycle keeps repeating: insiders pump prices to unsustainable highs, then dump their holdings, leaving retail investors to take the hit.


For now, Solana is paying the price for its meme coin frenzy.


The question is whether the platform can recover—or if it will continue to sink under the weight of its own hype.


#Solana #Ethereum

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