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While the cryptocurrency market has been shaken by the Libra (LIBRA) scandal in recent days, the support of Argentine President Javier Milei, who has come to the fore with his support for Bitcoin, has further inflamed the events.
While LIBRA, a memecoin based on Solana (SOL ($167.01)), is being discussed in the market, Galaxy Research stated that the LIBRA project is a scam and that it negatively affects the Solana ecosystem.
According to Coindesk, Galaxy Research reported that the LIBRA token scandal has negatively impacted Solana’s memecoin market and the situation could get worse.
Analysts have noted that since the launch of LIBRA, Solana has fallen significantly against both the US dollar and Ethereum.
Galaxy claimed that the Solana and SOL memecoin sector has actually been struggling since the launch of TRUMP ($16.65), stating that Donald Trump’s token, the TRUMP memecoin, has shaken investor confidence by drawing a large amount of liquidity from the market.
Alex Thorn, head of research at Galaxy Research, said:
“LIBRA incident is the ugliest incident to hit the Solana memecoin ecosystem since TRUMP launched in January and reached a valuation of $75 billion.”
Hayden Davis, CEO of LIBRA issuer Kelsier, denied allegations that the project was a rug stamp, arguing that it was a failed scheme with only $100 million still under his control.
*This is not investment advice.
Continue Reading: Why is Solana (SOL) Falling? Is the LIBRA Scandal the Only Reason? According to Analysts, It All Started with TRUMP!
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