🚀 Solana Defies Market Trend With Impressive Gains, Receives Scam Accusations 🕵️‍♂️

💹 Solana's Recent Performance: The native cryptocurrency of the Solana layer one (L1) blockchain network, SOL, crossed $200 for the first time since November 2021. Despite being 22% away from its all-time-high of $260, its market capitalization has already exceeded $81 billion.

📉 Recent Downturn: As of reporting time, Solana (SOL) faced a 10% downturn in the recent 24 hours. On March 19, 2024, Solana also commanded the sixth-largest trading volume among all cryptocurrencies, indicating $11.8 billion over the past day.

🔍 On-Chain Activity: On-chain data indicates various metrics such as total value locked (TVL), active wallets, and network volumes reached all-time highs over the weekend amidst a surge in pre-sale activity. However, there has been negative inflow in on-chain activity over the past week, suggesting a lack of fund influx.

🚀 Solana-based Memecoins Rally: Solana’s recent surge was potentially fueled by market participants' interest in memecoins launched upon the network. Memecoins like Bonk (BONK) and Dogwifhat (WIF) saw significant market capitalization growth. However, this trend has attracted scrutiny regarding scams and fraudulent activities.

🔥 SLERF Incident: SLERF, a new Solana-based meme asset, amassed over $1.8 billion in trading volume within days of its launch, surpassing all Ethereum-based exchanges in trading volume on its first day. However, a burn address mishap resulted in the loss of $10 million worth of tokens, leading to scam accusations and market manipulation suspicions.

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