LIBRA memecoin scandal dings Solana’s image, but here’s the real reason why SOL is down 📉
The recent LIBRA memecoin scandal has negatively impacted Solana's image. However, the primary reasons behind the decline in SOL's price are more technical and market-driven than scandal-related. Onchain activity on Solana has seen a significant drop, leading to reduced engagement and decreased decentralized applications' total value locked (TVL).
Additionally, the anticipation of major SOL token unlocks looming on the horizon is creating market uncertainty and potential selling pressure, contributing to the recent downturn in Solana's price. These factors combined present a more comprehensive insight into the challenges facing Solana beyond the memecoin controversy.
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