Solana price falls amid memecoin criticism
Solana Price Falls Below $200 as Meme Coin Scandals Shake Investor Confidence.
Solana’s price continues to slide below $200 amid a surge in rug pulls on meme coins launched on its blockchain, prompting alarm among investors.
The cryptocurrency is currently trading at around $172, up 2.5% today, yet the overall trend remains bearish, reports CoinGape.
Meme Coin Mayhem Undermines Market Confidence
Recent high-profile token scandals have cast a dark shadow over the Solana ecosystem. Rug pulls involving meme coins such as Libra—linked to Argentine President Javier Milei—and the Greed token launched by Dave Portnoy have left investors reeling, with some tokens plunging nearly 100%.
Other popular meme coins on Solana, including TRUMP and MELANIA, have also suffered steep declines of 77% and 90% respectively in just one month. These events have intensified scrutiny over the token launch processes on Solana, as market participants grapple with significant losses and heightened volatility.
Yakovenko Calls for a ‘Permissionless’ Solution
Solana Labs co-founder Anatoly Yakovenko has described the current situation as a “hellscape” on social media, urging developers to address the proliferation of poorly executed token launches. “Every problem is an opportunity.
Solve permissionless fair and fun token launching at scale and you’ll have a ton of customers,” he stated in a recent X post. Yakovenko’s comments highlight a critical need for a more transparent, decentralized token issuance process that can safeguard investor interests while fostering innovation.
Despite recent losses and the bearish trend in meme coins, industry experts believe that addressing these issues could pave the way for a more stable and mature market. As Solana’s ecosystem evolves, the development of robust, permissionless token launch mechanisms may help restore investor confidence and stimulate healthier market activity. Investors will be closely monitoring whether these corrective measures can reverse the current downturn and support a more resilient blockchain environment.
Recently we wrote, that Uniswap CEO Hayden Adams claimed in a recent X post that if a token launch is “messed up,” it is probably by design rather than accidental.
