Amid the Solana memecoin LIBRA controversy, Ethereum (ETH) has skilled a rally with a 3.37% spike with a powerful rise in TVL as numerous customers are migrating to Ethereum.
Lookonchain knowledge exhibits that a considerable amount of capital is shifting towards Ethereum. Within the final 7 days, stablecoins like USDC and USDT holdings on Ethereum surged by $1.1 billion. On the flip facet, round $772 million fund has taken departure from Solana. The migration began after the launch of the LIBRA memecoin which raised questions on the credibility of the Solana blockchain.
The controversy sparked a large drop in Solana’s complete worth locked (TVL), which got here after it soared to $14.2 billion on January 18. In simply 4 days, the TVL on Solana dropped from $10.95 billion to $10.5 billion.
Prior to now 7 days, stablecoins(USDT&USDC) on #Ethereum elevated by $1.1B, and stablecoins(USDT&USDC) on #Solana decreased by $772M.https://t.co/yB4qdHHRsH pic.twitter.com/Nx03I8vZlB
— Lookonchain (@lookonchain) February 17, 2025
MELANIA, the meme coin formally promoted by the USA (US) First Woman, and LIBRA, promoted by the President of Argentina Javier Milei, grew to become a hotbed for controversies, which fall into the allegations of hypothesis, insider allegations, and the lack of investor funds.
Furthermore, Argentina’s President Milei faces a authorized case for the LIBRA’s promotion. The information sources revealed that legal professionals in Argentina have filed fraud fees towards Milei, accusing him of selling a meme coin that was a “rug pull” rip-off.
Jonatan Baldiviezo, a lawyer and plaintiff, mentioned, “Inside this illicit affiliation, the crime of fraud was dedicated, by which the President’s actions have been important.”
