The crypto scandal generated a mass flight from the platform used to launch $ Libra: it lost US $ 20,000 million

The cryptocurrency sank at the lowest level since the beginning of November. Since last Friday, February 14, lost about 25% of its market value according to the accounts made by the news agency Bloomberg. He was US $ 205 on Friday and fell to US $ 161 on Tuesday, and then climb a little.

Solana became popular for Memecoins developers for her Low rates and high transaction speed. There Donald Trump and his wife (called TRUMP y MELANIA).

He collapse of approximately US $ 20,000 million solanA puts the magnifying glass on Sudden increases and descents of memecoins. They have been broadcasting thousands of tokens, which generally They have no underlying value. About 60,000 tokens have been released through Pump.fun, a platform that allows any token in Solana.

“The market is concerned about the spread of responsibility,” said Henry Elder, by Utxo Management. “At every minute it seems that another leader of the solana ecosystem is involved in $ Libra and other tokens pitches that have appeared almost exclusively in that ecosystem for several months ”.

The renowned Memecoin Trump, issued in Solana by the son of the American president, lost almost 80% of its value From the maximum reached on January 19, according to the coinmarketcap tracker. The Token linked to the first lady, Melania Trump, dropped 70%. $ Libra fell almost 90% since its departure last week, according to CoinmarketCap data.

Memecoins, which are usually not linked to any product or service, are considered A cultural phenomenon In the world of cryptocurrencies. Long Data Versions as Dogecoin, which has the image of a shiba dog, They started as a jokebut they have won followers, including billionaire Elon Musk, and currently has A market value of US $ 36,000 million.

In recent years, other memecoins have also tried to attract loyal followers, with the debut of Shiba Inu y Pepe. But many buyers of these tokens have become victims of schemes of pump-and-dump (Inflate and rule out an artificial manipulation of the price of an asset for the benefit of a few to the detriment of other investors) and rug pulls (pull the carpet) in which the creators of the coins increase their prices and Then they retire, leaving others with the problem while the price collapses.

“The market has realized that the current use of Solana could bring with him major long -term problems “Said Zaheer Ebtikar, founder of the Split Capital cryptocurrency Fund. “This launch of Token is so extractive and atrocious that the appetite decreases due to future memecoin releases,” he said. “And this also looks bad for other projects of the solana ecosystem that played a role in the orchestration of the memecoin (Libra).”

There could also be other reasons for the drop in the price of Solana, such as possible large sales of the token by investors, since around US $ 1.8 billion of the currency will reach the market on March 1 due to unlocks, Elder said. Some tokens granted or bought by certain parts cannot be sold until they are unlocked in a given day.

“Many investors are advancing to the sales planned with unlocking,” said Jeff Dorman, Ark Investment Director, Bloomberg. “In addition, the negative feeling created by Pump.fun” and other parts involved “in the Trump, Melania and Libra tokens have weighed over the price.”

In response to an X post on which Solana “will not return”, Anatoly yakovenkoco -founder of the blockchain, he wrote “Death is the only way out of this hell. ” For those who have been critical of Memecoins, Milei’s experiment is just another example of how risky these assets are.

“This is even worse than bets, they are not regulated bets,” wrote Austin Campbell, executive director of the Stablcoins WSPN USA company, on Network X on Sunday. When a new memecoin is launched, potential investors must realize that There is almost absolute certainty that they are about to be cheated.

There are professional promoters and others “who are sowing these things with influential people in exchange for money, closing private agreements, attacking their own launch and, in general, doing everything possible to extract all the value of fools.”