Solana Whale Stakes $15M SOL Amid Meme Coin Controversy and Market Uncertainty
Key Highlights:
- A Solana whale staked 87,000 SOL ($14.8 million), triggering speculation amid ongoing meme coin instability.
- The LIBRA meme coin collapse and insider trading concerns have put Solana’s network integrity under scrutiny.
- SOL price has declined 15% since the LIBRA launch, with traders remaining cautious about its recovery.
Massive Solana Stake Amid Market Chaos
A large-scale Solana (SOL) investor has withdrawn and staked 87,328 SOL worth nearly $15 million, despite growing concerns over meme coin volatility. On-chain data flagged this significant transaction while SOL traded around $169, leading to speculation about whether the asset could recover above $200 in the near future.
The move comes amid widespread panic in the Solana ecosystem, particularly due to the LIBRA meme coin collapse, which followed similar issues with TRUMP and MELANIA tokens. The $4.5 billion insider trading scandal surrounding LIBRA has intensified skepticism regarding Solana’s ability to sustain a reliable and decentralized token environment.
LIBRA Token Scandal & Insider Trading Fears
LIBRA, a meme coin linked to Argentinian President Javier Milei, soared to a $4.5 billion market cap before crashing due to insider manipulation. Reports suggest that 82% of the supply was concentrated among a few investors, leading to allegations of insider trading. Additionally, the liquidity pool was drained, and a sniper cashed out $107 million, accelerating the coin’s collapse.
Further speculation ties LIBRA’s downfall to the MELANIA meme coin crash, fueling concerns about Solana’s meme coin sector and its impact on overall network credibility.
SOL Price Performance & Market Reaction
At the time of writing, SOL is trading at $171.16, with an intraday low of $161.31. The token has been trending sideways, reflecting uncertainty among investors. Despite the whale’s substantial stake, SOL remains down 15% since February 15, weighed down by plummeting network activity and broader market risks.
The Solana ecosystem faces heightened scrutiny, with investors closely watching whether the network can recover from the meme coin controversies or face further declines.
