Solana (SOL) just had a brutal week, crashing nearly 15% and slipping below $170. It’s now sitting at $165.21, its lowest since mid-December. The entire crypto market isn’t looking great either, losing $150 billion over the weekend, with the total market cap now at $3.15 trillion.
SOL took the hardest hit among major cryptos, dropping the most. XRP wasn’t far behind, slipping 8% but managing to stay above $2.5. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) held up better, falling less than 3% and 2%.
At the same time, Bitcoin’s dominance in the market has climbed to 60%, its highest level in four years—as investors move away from altcoins.
One of the biggest reasons for Solana’s crash? The meme coin chaos on its blockchain. LIBRA, a Solana-based token, completely collapsed after getting hyped by Argentine President Javier Milei, then abandoned, wiping out $4.4 billion in hours. Another meme coin, Harry Bolz (HARRYBOLZ), only made things worse.
Market sentiment is still bearish, and unless things turn around fast, Solana and other altcoins could be in for an even rougher ride ahead.
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