The recent rugpull incident involving Libra has raised significant concerns regarding its potential adverse effects on Solana’s price. This situation has led to a notable decline in investment sentiment within Solana’s meme coin ecosystem.

As a result, Solana’s value has decreased by approximately 8%, reflecting a broader market reaction. The situation intensified after the Argentine President promoted the Libra project as a strategy to enhance Argentina’s economic growth. Initially, this promotion boosted Libra’s market capitalization to around $4.5 billion.

However, following the rugpull, Libra’s value has plummeted by more than 90%, further contributing to the negative sentiment surrounding Solana. Currently, Solana is priced at $168.39, representing an 8.47% drop in the past 24 hours.

📎 Related coverage from: bloomingbit.io