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Solana [SOL] is facing significant headwinds, with a 40% drop in value since January, driven by concerns over the rise of memecoins and a recent rug pull involving the LIBRA token. To compound these challenges, DEX trading volumes have sharply declined, while the upcoming unlock of 11.2 million SOL tokens on the 1st of March is expected to apply further pressure on the market. As major investors prepare to liquidate their holdings, Solana’s future remains uncertain, leaving many to question its next move in an increasingly volatile environment. At the time of writing, Solana’s price was $169.03, marking a significant drop as part of a broader trend. SOL has fallen 40% since its peak in January and has dropped 10% within the past week. This downward trajectory is coupled with a noticeable decline in trading volumes, signaling waning investor interest and confidence in the asset. The collapse of the LIBRA token has intensified Solana’s challenges. Initially promoted by Argentine President Javier Milei, LIBRA quickly reached a market capitalization of $4.56 billion. However, the token’s value crashed by over 94% within hours, resulting in significant losses for investors. This event has been widely regarded as a “rug pull,” where developers remove liquidity, leaving investors with worthless assets. The scandal has sparked legal action against President Milei and increased scrutiny on memecoins and their impact on the crypto market. The Solana ecosystem is experiencing mounting pressure due to declining DEX trading volumes. At press time, Solana’s 24-hour DEX volume stood at $2.932 billion. And the weekly total was $24.89 billion, reflecting a 20.57% drop over the past seven days. Leading platforms like Raydium and Orca have seen significant reductions in weekly activity, with drops of 46.99% and 12.52%, respectively. In contrast, Meteora has recorded a 23.75% increase, suggesting a shift in user preferences within Solana’s DeFi landscape. Looking ahead, a crucial event is set for the 1st of March, when major investors such as Galaxy, Pantera, and Figure will unlock 11.2 million SOL tokens, sold during FTX’s bankruptcy proceedings. The release of these tokens raises concerns about potential sell-offs, which could apply additional downward pressure on SOL’s price.$SOL

Solana [SOL] is facing significant headwinds, with a 40% drop in value since January, driven by concerns over the rise of memecoins and a recent rug pull involving the LIBRA token. To compound these challenges, DEX trading volumes have sharply declined, while the upcoming unlock of 11.2 million SOL tokens on the 1st of March is expected to apply further pressure on the market. As major investors prepare to liquidate their holdings, Solana’s future remains uncertain, leaving many to question its next move in an increasingly volatile environment. At the time of writing, Solana’s price was $169.03, marking a significant drop as part of a broader trend. SOL has fallen 40% since its peak in January and has dropped 10% within the past week. This downward trajectory is coupled with a noticeable decline in trading volumes, signaling waning investor interest and confidence in the asset. The collapse of the LIBRA token has intensified Solana’s challenges. Initially promoted by Argentine President Javier Milei, LIBRA quickly reached a market capitalization of $4.56 billion. However, the token’s value crashed by over 94% within hours, resulting in significant losses for investors. This event has been widely regarded as a “rug pull,” where developers remove liquidity, leaving investors with worthless assets. The scandal has sparked legal action against President Milei and increased scrutiny on memecoins and their impact on the crypto market. The Solana ecosystem is experiencing mounting pressure due to declining DEX trading volumes. At press time, Solana’s 24-hour DEX volume stood at $2.932 billion. And the weekly total was $24.89 billion, reflecting a 20.57% drop over the past seven days. Leading platforms like Raydium and Orca have seen significant reductions in weekly activity, with drops of 46.99% and 12.52%, respectively. In contrast, Meteora has recorded a 23.75% increase, suggesting a shift in user preferences within Solana’s DeFi landscape. Looking ahead, a crucial event is set for the 1st of March, when major investors such as Galaxy, Pantera, and Figure will unlock 11.2 million SOL tokens, sold during FTX’s bankruptcy proceedings. The release of these tokens raises concerns about potential sell-offs, which could apply additional downward pressure on SOL’s price.$SOL

DefiTuna co-founder Moty Povolotski has alleged that Kelsier Ventures, Meteora, and M3M3 coordinated a series of meme coin launches on Solana to extract $200 million in profits at the expense of unsuspecting investors. In a series of tweets on Feb. 17, Moty revealed that Kelsier Ventures had invested $30,000 in DefiTuna last month, but upon discovering Kelsier’s activities, DefiTuna refunded the investment and severed all ties. Kelsier Ventures, led by CEO Hayden Davis, is a key entity in the Libra token launch. In a recent interview with Coffeezilla, Hayden admitted that the team sniped during the Libra token launch. “I have personally gone the extra mile by risking myself and everything we built over at DefiTuna to try and get key players to speak up and start naming the bad actors and weeding them out,” the DefiTuna founder stated. The founder disclosed the existence of “a massive spiderweb of influencers who are banking millions from the Meteora community enabled by the leadership team of Ben.” According to Moty, Ben, or Ben Chow, planned to resign after the Libra scandal. A video obtained by SolanaFloor and later quoted by Moty shows that he told Ben about Hayden’s alleged meme coin misconduct. Ben appeared to be surprised by the news, denied any involvement by himself or Meteora, and said he regretted connecting Hayden with other projects. Following Moty’s tweets and the footage, Meow, the pseudonymous co-founder of Jupiter DEX, announced that Ben resigned from his role at Meteora. Meow strongly denied any involvement of Jupiter or Meteora in insider trading, financial wrongdoing, or inappropriate token distribution. According to the evidence shared with SolanaFloor, Kelsier approached DefiTuna through a Lebanon-based employee to provide liquidity for M3M3, a platform allegedly owned by Chow. Projects launching on M3M3 were allegedly required to allocate a portion of the token supply to Kelsier’s group, as detailed by Moty. Screenshots indicate that $2.4 million was extracted from community members through the MATES and AIAI token launches, with both tokens dropping 95% since launch. In the Melania meme token case, Kelsier provided DefiTuna with 1% of the total supply, worth $100 million at peak, requesting an anonymous sale through Orca LP tokens as NFTs to avoid on-chain tracking. Hayden, however, told Coffeezilla that his team did not profit from the Melania token launch. When questioned about Kelsier’s total profits from M3M3, Moty stated: “Like if you take into account AIAI + MATES + ENRON + Bunch of other projects … + Melania + LIBRA…over 200M? And there are plenty more projects.”