Solana (SOL) simply had a brutal week, crashing practically 15% and slipping beneath $170. It’s now sitting at $169.01, its lowest since mid-December. The complete crypto market isn’t trying nice both, shedding $150 billion over the weekend, with the entire market cap now at $3.15 trillion.
SOL took the toughest hit amongst main cryptos, dropping probably the most. XRP wasn’t far behind, slipping 8% however managing to remain above $2.5. In the meantime, Bitcoin (BTC) and Ethereum (ETH) held up higher, falling lower than 3% and a pair of%.
On the identical time, Bitcoin’s dominance out there has climbed to 60%, its highest degree in 4 years—as buyers transfer away from altcoins.
One of many largest causes for Solana’s crash? The meme coin chaos on its blockchain. LIBRA, a Solana-based token, fully collapsed after getting hyped by Argentine President Javier Milei, then deserted, wiping out $4.4 billion in hours. One other meme coin, Harry Bolz (HARRYBOLZ), solely made issues worse.
Market sentiment continues to be bearish, and except issues flip round quick, Solana and different altcoins might be in for a fair rougher experience forward.
Additionally Learn: Crypto Price Today (Feb 19, 2025): Bitcoin Dips Below $94k, Solana Drops To $160
