3 weeks ago
The evident LIBRA token rug pull is the the latest incidental to negatively impact the Solana memecoin ecosystem, Galaxy Research said successful a study connected Monday.
The communicative had already began to sour pursuing the TRUMP token's introduction successful January and the ensuing "liquidity suck" that it caused. LIBRA could pb to much harm to the memecoin complex, the study said.
This could trim the request for investors to clasp Solana's sol (SOL), Galaxy said, noting that sol's emergence has been driven chiefly by request for SOL-denominated assets specified arsenic memecoins.
Galaxy noted that the cryptocurrency has plummeted successful U.S. dollar presumption and versus rival ether (ETH), since the motorboat of LIBRA. Solana was trading 8.6% little implicit 24 hours astatine $168.73 astatine work time.
Argentina's President Javier Milei has faced impeachment threats aft promoting LIBRA, which supposedly helps tiny businesses. The token surged to a marketplace headdress of astir $4.5 cardinal earlier crashing 90%.
This is the "latest sordid episode" to look from Solana's memecoin complex, which is "down importantly since topping successful January connected the motorboat of TRUMP and its little emergence to $75b afloat diluted valuation (FDV)," wrote Alex Thorn, caput of firmwide probe astatine Galaxy.
Kelsier CEO Hayden Davis, who launched the LIBRA memecoin, said helium was besides liable for issuing the MELANIA token, and that his squad sniped some cryptos arsenic soon arsenic the declaration addresses went live.
The token was "not a rug pull," Davis insisted successful an interview with crypto scam huntsman Coffeezilla. "It's conscionable a program gone miserably incorrect with $100 cardinal sitting successful an relationship that I'm the custodian of."
Read more: Creator of Controversial LIBRA Memecoin Introduced MELANIA, Says He Sniped Both Tokens
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