Solana News: Justin Bons Defends SOL Amid Meme Coin Scams

Renowned Solana proponent Justin Bons compares SOL's challenges to those faced by early Bitcoin and Ethereum.

Justin Bons Defends SOL Amid Meme Coin Scams, Compares to BTC and ETH's Past

Justin Bons, a renowned Solana proponent, defended SOL against recent meme coin scams, stating that the blockchain's dominance attracts scammers. He compared SOL's current situation to the early days of Bitcoin (BTC) and Ethereum (ETH), when they also faced similar challenges. Bons made these comments in a Twitter post, addressing the recent $4.5 billion Libra token scandal involving Argentine President Javier Millei and other high-profile scams.

Sol Strategies Expands SOL Holdings to CAD $64.2M

Sol Strategies, a publicly listed Canadian company, has increased its SOL holdings by purchasing an additional 12,456 SOL worth approximately CAD $3.59M. The acquisition, completed between February 7th and 15th, brought the total SOL holdings to 226,798 SOL, valued at CAD $64.2M based on the February 14th closing price. The move is part of the company's growth initiative.

Solana (SOL) Price Crashes, Investors in Panic: Will it Recover or Crash Deeper?

Solana investors are feeling the pressure as SOL experiences a sharp decline, currently sitting at $165.24, down 5.57% today and dropping a staggering 15% this week. The major reason behind the drop is attributed to a series of failed memecoins launched on the Solana blockchain, specifically the LIBRA Coin collapse, which erased $4.4 billion from the market within hours. Investors are now wondering if Solana will recover from this setback or if further losses are on the horizon.

Solana Faces Intense Sell-Off, Plunging to Three-Month Low

Solana has experienced a significant sell-off, resulting in a three-month low. The cryptocurrency has lost over $40 billion in market capitalization, with SOL prices down 40% from their post-election peak. The current market-wide correction has wiped out nearly $450 billion from crypto valuations since the new year. SOL faces stronger selling pressure compared to other high-cap assets due to demand-supply imbalance. Investors are questioning the long-term potential of Solana as it struggles to hold key support levels.