Solana News: SOL Token Suffers 32% Monthly Decline Amidst Market Slump

Solana's native token, SOL, has experienced a significant 32% drop over the past four weeks, outpacing the declines of Bitcoin and Ethereum. The sell-off comes as the network grapples with the aftermath of a meme currency frenzy.

Solana’s Market Woes Continue With A 32% Monthly Drop

Solana’s recent price behavior has sparked anxiety in the digital currency market. The once-soaring blockchain has fallen significantly as a result of a widespread slump. Solana's native token (SOL) has been down 32% in the last four weeks, trailing Bitcoin’s 10% decline and Ethereum’s 15% dip. A sudden sell-off occurs as the network suffers from the fallout of a meme currency frenzy that left investors reeling.

Meme Coin Mania Turns Into Disaster for Solana

Solana has been the epicenter of explosive meme coin growth, which initially stimulated trading volume and interest. However, it has since led to severe negative repercussions, with rug pulls and failed initiatives on the network reportedly resulting in a loss of more than $26 million. Many developers abandoned projects immediately after raising funds.

DefiTuna Severs Ties with Kelsier Over $200M Meme Coin Scheme

Moty Povolotski, founder of decentralized finance project DefiTuna, announced the platform's decision to refund a $30,000 investment and sever ties with investor Kelsier due to revelations of his role in market manipulation. The decision came after reports emerged linking Kelsier to market manipulation involving several meme coins, including $LIBRA, $MELANIA, and the M3M3 launchpad. Kelsier Ventures, along with Meteora and M3M3, were accused of orchestrating coordinated meme coin launches on the Solana blockchain, reportedly extracting $200 million in profits at the expense of unsuspecting investors. DefiTuna had accepted a $30,000 investment from Kelsier in January 2025, making him the second smallest investor in the project.

Meteora Co-Founder Ben Chow Resigns Amid Meme Coin Scheme Allegations

Ben Chow, co-founder of the Solana-based exchange Meteora, has resigned following allegations that he secretly managed or received LIBRA tokens. Meow, the pseudonymous co-founder of Meteora and decentralized finance platform Jupiter, disclosed Chow's resignation, emphasizing their confidence that no staff at Jupiter or Meteora engaged in insider trading, financial misconduct, or inappropriately received tokens. They also announced the hiring of an independent law firm for further investigation.