Several key metrics indicate that Solana may also be feeling the heat from the recent backlash following the spectacular crash of LIBRA.
Amid the fallout of the LIBRA token debacle, the memecoin craze that has taken hold of the crypto market over the past year has again come under question. This scrutiny now appears to be impacting sentiment around Solana, which has been the biggest winner of what some have termed the memecoin supercycle.
Solana Price and Social Metrics Tank
Several key metrics indicate that Solana, the de facto home and fuel for memecoin activity, may also be feeling the heat from the recent backlash following the spectacular crash of LIBRA, a Solana-based token initially backed by Argentina President Javier Milei.
On Tuesday, February 18, crypto social intelligence platform LunarCrush Analytics highlighted that the digital asset was on track to hit its lowest sentiment, social engagement, and price in 2025. At the time of writing, it has.
Data from the platform suggests that these metrics have generally been in a downturn since President Donald Trump’s inauguration on January 20 but have especially taken a negative turn since Friday, February 14, aligning with the LIBRA launch.
Solana price and social metrics plummet Source LunarCrush
Since the controversial token launch, Solana’s price has dropped over 17% from just below $200 to nearly $166 at the time of writing. At the same time, social engagement has fallen over 35% from about 34 million to just below 22 million. Furthermore, sentiment has plummeted 16% from 82% to 69%.
The rout comes as revelations from the LIBRA collapse suggest a broad market manipulation scheme driven by network insiders to profit from the memecoin craze. One whistleblower has explicitly alleged that these players have siphoned over $200 million across multiple memecoin projects.
🚨 BREAKING: SolanaFloor has obtained exclusive video evidence exposing a $200M+ memecoin extraction scheme tied to @KelsierVentures , @MeteoraAG and @WEAREM3M3_ .
The footage, featuring DeFi Tuna Founder @CavemanDhirk and Ben Chow, lends further credibility to allegations of… pic.twitter.com/rjPLBgKCjG
— SolanaFloor (@SolanaFloor) February 17, 2025
But Solana is no stranger to controversy as strong ties to FTX had initially seen it crash alongside the exchange. However, it quickly rebounded within months as technological improvements drew attention away from its proximity to what some have called the largest financial fraud in history.