The Solana cryptocurrency has recently encountered significant challenges, reaching its lowest value since early November. This downturn is linked to a controversy involving Argentine President Javier Milei, who is currently under investigation for endorsing a memecoin called Libra, which operates on the Solana blockchain.

Since February 14, Solana, which ranks as the sixth-largest cryptocurrency by market capitalization, has seen a decline of approximately 25% in its market value. This decline has raised concerns among investors, leading to a notable selloff in Solana’s market performance. The ongoing issues related to Milei’s association with Libra have further fueled these concerns.

Despite these challenges, the Solana network remains popular among developers due to its:

• Low transaction fees
• Fast processing capabilities
• Particular appeal for memecoins

📎 Related coverage from: bloomberg.com