Solana is on the verge of wiping out the entire gains it post-Donald Trump’s reelection in November.
On Feb. 24, the SOL/USD trading pair dropped 7.35% to reach $157.25, its lowest point since Nov. 6.
These losses are part of a broader correction that began on Jan. 19, when SOL reached its all-time high of $295.31. Since then, the price has tumbled 47%.
SOL/USD daily price chart. Source: TradingView
Key catalysts driving the SOL prices lower include:
Solana’s alleged links with North Korea’s Lazarus Group.
An upcoming SOL token unlocking event.
Negative SOL funding rates.
Solana’s alleged ties with Bybit hackers
Solana's price is down today amid growing concerns over its association with high-profile hacks and memecoin scams.
Things to know:
The $1.4 billion Bybit hack on Feb. 21 has been linked to North Korea’s Lazarus Group, a notorious hacking organization.
Onchain investigator ZachXBT found that wallets tied to the Bybit hack were also involved in Solana-based memecoin scams, particularly “rug pulls” on Pump.fun.
Source: ZachXBT Telegram Channel
The same wallets were linked to the $29 million Phemex hack in January, indicating a pattern of fraudulent activity exploiting Solana’s ecosystem.
Solana has been plagued by memecoin scams, including the $107 million rug pull of the Libra token, leading to a decline in user trust and capital inflows.
The combination of hacks, scams, and negative sentiment is reducing trading activity and weakening demand for SOL, contributing to today’s price decline.
Related: ETF approval will help Solana break the ‘memechain’ narrative
Top Solana memecoins, such as Official Trump (TRUMP), Bonk (BONK), and Dogwifhat (WIF), have suffered huge losses on 24-hour and 7-day adjusted timeframes, as shown below.
