Solana Drops 8.8% Following LIBRA Meme Coin Crash – BitRss

Solana (SOL ($170.27)) is down 8.8% in the past 24 hours, hitting $169.01 following a series of controversies relating to meme coins based on its blockchain, including LIBRA and Harry Bolz (HARRYBOLZ).

This represents SOL’s lowest price since mid-December, per data from CoinGecko. The cryptocurrency is now down 16.5% week-on-week and 39.1% since this time last month.

LIBRA, a Solana-based meme coin, lost the vast majority of its value earlier this week after it was endorsed and then disowned by Argentine President Javier Milei, shedding over $4.4 billion in market capitalization just hours after launch.

Milei now faces fraud charges, while the LIBRA project itself has been dogged by accusations of insider trading. Blockchain sleuths have also traced connections between the token’s issuers and those of U.S. First Lady Melania Trump’s meme coin, MELANIA.

Numerous other Solana-based meme coins have been embroiled in …