Solana’s Meme Coin Woes: Is the Party Over?

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Oh, Solana (SOL), once the life of the crypto party with your fast transactions and low cost, what happened? 🤔

Your native token is down in the dumps, trading at $173 but down nearly 10% from last week and 15% from two weeks ago. Ouch! 💔

And let’s not forget about the 55% drop in network activity. 📉 With only 8.4 million active addresses left on the network, it’s starting to look like a ghost town. 👻

But don’t worry, it’s not just you. The total volume transferred on your network has dropped from $2 billion in November to just $26 million this week. Yikes! 💸

And if that’s not enough, around 15 million SOL tokens valued at $7 billion will be unlocked in the next three months. 🔓 With a 4.715% inflation rate, the increased supply of SOL tokens in the market will create even more selling pressure. 📉

But hey, at least you have your meme coins, right? Well, not so fast. The number of tokens minted on your platform has decreased considerably in the last few months. 📉

And let’s not forget about the “rug-pull” of LIBRA, the SOL-based meme coin that crashed minutes after launch. 💔

So, is the Solana party over? Only time will tell. 🕒

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2025-02-20 18:40