SOL’s Wild Ride: From $180 to “Oh No!” and Back Again

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Solana, the cryptocurrency that’s been on more rollercoasters than a theme park intern, briefly flirted with $180 again. Yes, $180! That magical number where investors stop crying into their avocado toast and start Googling “how to buy a yacht.” This 4.3% rise is the first time SOL has seen $180 since its LIBRA-induced nosedive, which, let’s be honest, was less of a slump and more of a faceplant. 🎢

On Feb. 21, Solana (SOL) hit a daily high of $180.19, which is basically the crypto equivalent of a high school reunion: exciting for a moment, but then you remember why you stopped caring. The last time SOL was this high was on Feb. 18, right before it decided to take a swan dive below $170. It managed a brief 4.3% rebound around 09:30 UTC, but like a toddler with a juice box, it couldn’t hold on and slipped back to $178. 🍼

According to crypto.news, Solana is up nearly 3% in the past 24 hours, which is great news if you’re into green numbers and not, say, stability. The token is currently trading at $178.79, which is still better than my 401(k). Over the past month, though, Solana has been in a slump, dropping more than 30%. To put that in perspective, that’s like losing your entire collection of Beanie Babies in a garage sale. 😬

Solana’s market cap is currently $87 billion, with a fully diluted valuation of $105 billion. That’s a lot of zeros, but let’s be real—most of us are just here for the memes. 🤑

But wait, there’s more! Solana also made a comeback in trading volume, reclaiming the top spot among DEX chains with $2.3 billion. It surpassed Binance Smart Chain (BNB), Ethereum (ETH), and Base (BASE), which is like winning a race against your siblings—sure, you’re first, but no one’s really impressed. After Feb. 18, Solana lost its spot as the largest chain by DEX volume for two days, which is basically the crypto version of losing your car keys. 🚗

The recent collapse of the Solana-based meme coin LIBRA (LIBRA), promoted by Argentinian President Javier Milei, was a disaster of epic proportions. The token crashed by 95% in the first few hours after its launch, which is like launching a rocket and watching it explode on the launchpad. LIBRA’s market cap fell by $4.4 billion in the same time span, which is enough to make even the most hardened crypto bro cry into their Lamborghini steering wheel. 🚀💥

According to Nansen’s report, Solana’s liquidity took a hit due to LIBRA’s downfall, with liquidity outflows spiking from $12.1 billion to $8.29 billion. After LIBRA’s collapse, Solana also experienced a 15% drop in value, as investors began to question the future of meme coins. Spoiler alert: the future is probably more memes. 🐸

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2025-02-21 15:15