- Solana-based meme coin LIBRA links Argentine President Javier Milei to fraud allegations after its promotion and collapse.
- Analysts warn meme coins dilute liquidity, urging focus on Solana’s fundamentals.
- Solana’s ecosystem may fuel a rally, especially with potential ETF approvals.
Solana meme coins are now facing a harsh spotlight: scandals that have involved tokens LIBRA and MELANIA are putting the blockchain’s investor funds at serious risk. These incidents now raise questions on pump-and-dump schemes within the Solana meme coin market, shaking investor confidence.
Meme Coin Mania Turns Sour on Solana
LIBRA, a token said to be linked to Argentine President Javier Milei, shot up in price after Milei gave it a shout-out.
He even reposted a how-to guide on getting the Solana-based token. Then, almost instantly, LIBRA crashed, wiping out investors. Argentine lawyers are now claiming Milei committed fraud for pushing the token.
LIBRA & MELANIA: A Tangled Web
Adding to the controversy, blockchain analysts at Bubblemaps dropped a bombshell: LIBRA’s connection to MELANIA, the meme coin named after former First Lady Melania Trump. Their investigation showed both tokens came from the same team.
This news has everyone wondering about insider trading and if you can really trust Solana’s meme coin market. Traders are seriously asking if these projects are just pump-and-dump schemes.
Ever since the pump.fun days, many on-chain projects on Solana have seen losses over 80-90%. Some investors think this means Solana is weakening, but others see it as a chance to load up on $SOL at lower prices.
Related: $SOL vs. $ETH: Could Solana Overtake Ethereum for the #2 Spot in Crypto?
Is Solana Still a Safe Bet Despite Meme Coin Issues?
Market analysts worry that meme coins break up liquidity, making it harder for Solana to keep a strong price rally going.
However, experienced investors point out that buying when things are quiet often comes before big breakouts—potentially setting the stage for a recovery, especially if an ETF approval brings back interest.
Related: 82% Odds for Solana ETF Approval: Polymarket Signals Confidence
Even with previous setbacks like the FTX collapse, which drove SOL down 97% from its peak, the network has demonstrated resilience.
As one analyst put it: “The strength of a currency isn’t measured by its highs, but by how it withstands its lows. Solana has survived worse. It will rise again.”
With trading volumes exceeding $7 billion daily, major token unlocks and changing liquidity trends, investors have a big decision to make: chase the next meme coin pump or bet on the long-term strength of $SOL.
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