Solana Meme Coin Ecosystem Under Fire: Galaxy Research Cites LIBRA Rug Pull As Major Blow
Solana‘s (CRYPTO: SOL) meme coin sector is under renewed scrutiny after LIBRA (CRYPTO: LIBRA) plummeted.
Galaxy Research highlighted that LIBRA’s collapse could further erode confidence in Solana-based speculative assets, which had already been struggling since the launch of the Official Trump (CRYPTO: TRUMP) token in January, Coindesk reported.
The introduction of TRUMP led to a significant shift in liquidity, draining capital from the broader meme coin market and adding to volatility in the ecosystem.
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Galaxy Research noted that Solana’s recent price gains were largely driven by demand for SOL-denominated assets, particularly meme coins.
The instability caused by LIBRA’s rapid rise and fall could reduce investor interest in …
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