SOL rebounds 4.3%, surpassing $180 after LIBRA fallout

Price chart for SOL in the past 24 hours, February 21, 2025 | Source: crypto.news

Not only that, Solana also made a comeback in terms of trading volume. According to DeFi Llama, Solana has reclaimed the top spot among the DEX chains with $2.3 billion, surpassing Binance Smart Chain (BNB), Ethereum (ETH) and Base (BASE). After Feb. 18, Solana lost its spot as the largest chain by DEX volume for two days in a row.

The recent collapse of the Solana-based meme coin LIBRA (LIBRA), promoted by Argentinian President Javier Milei, proved disastrous to the Solana ecosystem and the meme coin market as a whole. The token crashed by 95% in the first few hours after its launch. LIBRAs market cap fell by $4.4 billion in the same time span.

According to Nansen‘s report, Solana’s liquidity suffered due to LIBRA‘s downfall, with liquidity outflows spiked from $12.1 billion to $8.29 billion. After LIBRA’s collapse, Solana also experienced a 15% drop in value, as many investors began to doubt the future issuance and sustainability of trading meme coins.