Stunning Solana Meme Coin Report from Galaxy: TRUMP Hit, Latest Event Shook Big Time! - Coin Bulletin

Galaxy highlighted that a rug pull could be a fraudulent exit ( by LIBRA, emphasizing that this incident has negatively impacted the memecoin market on Solana.

The LIBRA token scandal, which caused a great stir in the Solana )SOL( ecosystem, has become even more striking with Galaxy Research's new report. According to Galaxy's analysis, the disruption in the memecoin market began with the launch of the TRUMP token in January, which withdrew a large amount of liquidity from the market and undermined investor confidence. LIBRA further accelerated this process, deepening the collapse in Solana.

Argentine President Javier Milei's connection with the LIBRA token is also among the hot topics in the agenda. The LIBRA, introduced by Milei to support small businesses, quickly reached a market value of 4.5 billion dollars, and then lost 90% of its value, causing significant losses to investors. This situation led to Milei facing impeachment proceedings.

Galaxy Research's research director Alex Thorn described the LIBRA incident as "the latest disgraceful case in the Solana meme coin ecosystem." According to Thorn, the memecoin market in Solana peaked in January when the TRUMP token reached a fully diluted market value of ) billion dollars, but has since suffered significant losses.

Hayden Davis, the CEO of Kelsier, the name behind LIBRA, had defended that the project was not a scam. Davis also stated that he released MELANIA token along with LIBRA token and that he and his team purchased these projects as soon as the contract addresses went live.

According to Galaxy's report, Solana (SOL) experienced a significant loss against both the dollar and Ethereum (ETH) with the launch of LIBRA. It fell to $168.73, a decrease of 8.6% in the last 24 hours.