Most tokens have fallen by 30% to 80% since mid-December last year, and the market value of SOL has shrunk by about US$50 billion in a single month.

PANews reported on February 25 that data from digital asset management company Arca showed that most tokens have lost between 30% and 80% of their value since mid-December last year, of which Solana’s market value has lost about $50 billion in the past month, partly due to the recent scandal of a meme coin called Libra. In addition, Solana is also facing selling pressure because about $1.72 billion of Solana tokens are scheduled to be "unlocked" (lift trading restrictions) on March 1.

Arca Chief Investment Officer Jeff Dorman said: "The weakness in the cryptocurrency market has continued for eight weeks. Equities, fixed income and gold have not been affected by any indicators used to explain the weakness. Only cryptocurrencies continue to fall. This is largely due to low market sentiment, losses caused by the failure of various meme coins, and a lack of funds to support the issuance of new tokens." (Bloomberg)