Solana News: Pump.fun Founder Advocates for Memecoin Regulations Following LIBRA Scandal

In the aftermath of the LIBRA scandal, the founder of Solana-based Pump.fun has spoken out, calling for new regulations in the token launchpad industry. This move aims to prevent exploitation and promote simplicity in memecoin creation.

Pump.fun founder calls for memecoin guardrails following LIBRA scandal

The founder of Solana-based Pump.fun has spoken out against the LIBRA memecoin launch, calling for new regulations for token launchpads. The anonymous founder expressed disgust over the scandal and emphasized the need for simplicity in memecoin creation, advocating for a system where middlemen like development teams and market players are not involved. This stance was taken to prevent exploitation within the crypto community.

Solana Price Prediction for End of February Amidst FTX Repayments

Solana (SOL) has experienced a significant price drop, causing concern among investors. With FTX repayments commencing on March 1, a large amount of SOL is expected to enter the market, potentially bringing sell pressure. This article explores the potential impact on SOL's price during this period. Over the past seven days, SOL has witnessed a nearly 20% decrease in value, dropping from a high of $204 to a current price of $164.77. The community fears that the influx of 11.2 million SOL, worth over $2 billion, could further affect the market.

Libra Token Rug Pull Hits Solana's Memecoin Ecosystem

The apparent LIBRA token rug pull is the latest incident to negatively affect the Solana memecoin ecosystem, according to a report by Galaxy Research. The narrative had already begun to sour following the TRUMP token's introduction in January and the ensuing "liquidity suck" that it caused. LIBRA could lead to more damage to the memecoin complex, the report said. This could reduce the need for investors to hold Solana's SOL, noting that SOL's rise has been driven in part by the memecoin ecosystem.

Solana Faces Significant Decline in Network Activity and Price Drop

Solana (SOL) has experienced a sharp decline in both network activity and price over the past week. The cryptocurrency dropped by more than 18% in the last 7 days, with a significant 10% decrease in the last 24 hours. This downturn is attributed to a massive pump and dump scheme involving Solana-based memecoin, LIBRA, which triggered a panic across the memecoin sector. The total crypto market cap has also decreased by 5% over the last day, with a current trading volume of $7.35 billion. The damage, however, goes beyond price action as Solana’s network activity has crashed by 55%.