Several Key Metrics Indicate Solana is Feeling the Heat from LIBRA’s Backlash
Amid the fallout from the LIBRA token debacle, the memecoin craze gaining popularity in the crypto market is now under scrutiny. This scrutiny seems to have impacted sentiment around Solana, which has been labeled as the biggest winner of the so-called memecoin supercycle.
Solana Price and Social Metrics Tank
Various key metrics suggest that Solana, a significant player in memecoin activity, is feeling the heat from the recent backlash following the crash of LIBRA, a Solana-based token initially backed by Argentine President Javier Milei.
On February 18, the crypto social intelligence platform LunarCrush Analytics reported that the digital asset was on track to reach its lowest sentiment, social engagement, and price metrics in 2025.
Data indicates these metrics have generally worsened since January 20, coinciding with President Donald Trump’s inauguration, with a notable decline beginning after the LIBRA launch on February 14.
Since the controversial token’s launch, Solana’s price has fallen over 17%, dropping from just below $200 to nearly $166 at the time of writing. Social engagement has also decreased over 35%, declining from about 34 million to just under 22 million. Sentiment has plummeted 16%, from 82% to 69%.
Revelations related to the LIBRA collapse hint at a significant market manipulation scheme orchestrated by network insiders aiming to profit from the memecoin fad. Reports from a whistleblower allege these insiders siphoned over $200 million across several memecoin projects.
> 🚨 BREAKING: SolanaFloor has obtained exclusive video evidence exposing a $200M+ memecoin extraction scheme linked to @KelsierVentures, @MeteoraAG, and @WEAREM3M3.
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> The footage includes DeFi Tuna Founder @CavemanDhirk and Ben Chow, adding credibility to ongoing allegations.
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> — SolanaFloor (@SolanaFloor) February 17, 2025
Despite the controversy, Solana has bounced back from its initial downfall related to strong ties with FTX, which witnessed a significant crash. However, it quickly rebounded within months as technological innovations began drawing attention away from its association with what many describe as the largest financial fraud in history.
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