Solana interest falls as Libra, TRUMP Kills Liquidity
Solana, the sixth largest cryptocurrency by market valuation, was down 6% in the last 24 hours to $175 at press time against the broader crypto market’s losses posted huge losses as Bitcoin dipped below $96K.
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Traders’ sentiment on the altcoin turned bearish as the mood declined amid growing meme coin controversies on the network.
On-chain analytics platform LookOnChain reports that in only one week, $772 million worth of USDT and USDC stablecoins left the Solana blockchain. Ethereum’s supply of USDT and USDC rose by $1.1 billion in the same time frame.
The ratio of long to short SOL bets on cryptocurrency futures exchanges fell from 4 to 2.5 on February 17, suggesting a marketwide inclination toward bearishness on SOL.
Crypto market influencer Tyler Durden, who goes by a pseudonym, stated, “The market has decided it is angry at Solana’.
Durden added that Binance’s ratio concerning short-to-long holdings increased to 4-1, indicating an overbalance of bearish bets, citing data from the company’s perpetual futures trading platform.
Libra (LIBRA), a cryptocurrency that appeared to be supported by Argentina President Javier Milei, wiped over $4.4 billion in market capitalization within hours of its inception on February 14
Milei erased her post after first promoting the coin on X. In Argentina, he is currently being sued for allegedly disappointing investors.
$2 billion has been lost by traders on 800,000 wallets of Official Trump (TRUMP), the official memecoin of US President Donald Trump, since January.
TRUMP’s fully diluted value has plummeted over 75% from its peak of over $70 billion to about $17 billion as of February 17.
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