Empire Newsletter Segment

Introduction

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The Art vs. Artist Dilemma

Kanye West, J.K. Rowling, and Woody Allen provoke debates on separating art from the artist.

Solana’s Struggles

Crypto markets face a similar challenge regarding Solana (SOL). Despite various use cases independent of memecoins, SOL suffers from the fallout of the LIBRA incident which unfolded on its platform.

LIBRA Debacle Impact

After LIBRA insiders manipulated the SOL coin, it plummeted by nearly 18%. Though it has slightly recovered, the impact remains severe, especially compared to Bitcoin (BTC) and Ethereum (ETH), which have remained relatively stable.

As of now, SOL’s market cap stands at $83.4 billion, roughly half that of XRP’s market cap.

Connection to Jupiter and Market Trends

Meteora is associated with Jupiter, although they have been operating independently recently. JUP, Jupiter’s token, has also decreased by 24%.

Price Trends

A chart illustrates price movements of six coins surrounding the LIBRA launch, highlighting TRUMP, MELANIA, ETH, SOL, and JUP. Notably, TRUMP and JUP experienced significant rallies just before LIBRA’s launch, but subsequently fell after the news broke.

Investigations and Speculations

Jupiter described the LIBRA launch plans as an “open secret” but denied any insider trading following an internal investigation. Coincidence or not, pre-LIBRA price surges appear grouped together in the Solana memecoin landscape, now valued lower in the short term.