Solana (SOL) has been downtrending and retracing heavily over the past month. The asset has declined 40% since its Jan. 19 all-time high of $293, and the trend seems set to continue as meme coin mania fades. Moreover, SOL is down a further 8% on the day, falling below $170 for the first time since early November.<\/p>\n
Solana\u2019s popularity and high usage in recent months have been primarily driven by meme coin minting and speculation, but that has started falling<\/a>.<\/p>\n Degens have flocked to the low-cost blockchain to mint and shill meme coins on platforms like Pump.fun<\/a>. The vast majority of these spurious tokens have no utility and serve no purpose, and a high percentage were pump-and-dump schemes.<\/p>\n \u201cIt\u2019s over for Solana,\u201d lamented crypto trader \u2018Xremlin\u2019 who added it is \u201cWorse than the FTX collapse.\u201d<\/p>\n The trader blamed the MELANIA<\/a> token, the namesake coin of the First Lady launched just days after TRUMP, and LIBRA, a token allegedly promoted by Argentina\u2019s president Javier Milei, which he has denied.<\/p>\n Insider trading caused pump and dumps liquidating retail traders, adding to the fall of Solana, the analyst said.<\/p>\n \u201cThis past month showed how bad things are on Solana\u2019s meme scene. Mostly, it\u2019s insiders making money while everyone else loses. Today, the SOL price began responding to this sentiment.\u201d<\/p>\n It\u2019s over for Solana<\/p>\n Worse than the FTX collapse$LIBRA<\/a>, #MELANIA<\/a> changed everything<\/p>\n : Here\u2019s what went down and what\u2019s next\u2026 pic.twitter.com\/mo6TMBpift<\/a><\/p>\n \u2014 Xremlin (@0x_gremlin) February 17, 2025<\/a><\/p>\n\n Meanwhile, crypto investor \u201cAsh Crypto\u201d said<\/a> we now know the real reason that Solana meme coins started dying. Insiders have been sniping these meme coin launches and selling to dump on retail, he said.<\/p>\n \u201cInsiders have extracted $200+ Million from these Solana launches so far.\u201d<\/p>\n \u201cSolana and SOL memes are dumping hard because people are realizing this whole game was rigged, and it was all just wealth transfer\/value extraction from crypto gamblers to project insiders,\u201d he said<\/a> in a separate post.<\/p>\n Others posted some shocking statistics about how much has been extracted from Solana meme coins:<\/p>\n calculated the total extracted from memes on solana: Total: 3.6-6.6+ bn<\/p>\n Sources in the next tweet<\/p>\n \u2014 0xngmi (@0xngmi) February 15, 2025<\/a><\/p>\n\n As if in response to the SOL slump, ETH prices<\/a> have bucked the market trend, topping $2,830 in a 12-day high on Monday.<\/p>\n However, market momentum was too much for the asset to overcome and ETH fell back below $2,700 again during trading in Asia on Tuesday.<\/p>\n Total market cap is down 3% on the day at $3.27 trillion and SOL is the largest loser in the top 40 crypto assets \u2013 while Solana-based meme coins are not far behind.<\/p>\n The post Solana Price Craters 40% From January High as Meme Coin Bubble Bursts<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Solana (SOL) has been downtrending and retracing heavily over the past month. The asset has declined 40% since its Jan. 19 all-time high of $293, and the trend seems set to continue as meme coin mania fades. Moreover, SOL is down a further 8% on the day, falling below $170 for the first time since […]<\/p>\n","protected":false},"author":0,"featured_media":45407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-45406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/45406"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45406"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/45406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/45407"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Game Over For Solana?<\/h2>\n
\n\u2013 trading bots & apps: 1.09bn
\n\u2013 pumpfun: 492m
\n\u2013 MEV: 1.5-2bn
\n\u2013 Trump insiders: 0.5-1bn
\n\u2013 Other insiders: unknown
\n\u2013 AMMs: 0-2bn<\/p>\nEthereum Makes Surprise Move<\/h2>\n