SOL falls short of expectations 👇👇👇
Investors express disappointment with recently launched Solana tokens
The situation is further complicated by the fact that several prominent Solana-based projects, including Jupiter (JUP), Wormhole (W), Pyth (PYTH), and Helium (HNT), have experienced declines of 16% or more in the past five days.
Confidence in the Solana ecosystem appears to be waning, so any potential price recovery depends on restoring credibility. User complaints include disappointing airdrops, market manipulation of newly launched tokens, and inflated stablecoin trading volumes.
Project founder Edgar Pavlovsky attempted to sabotage a planned MarginFi token airdrop, causing investors to withdraw $412 million in deposits over the next five days.
The latest disappointment is the Kamino (KMNO) token, which launched on April 30.
The KMNO token fell below $0.04 on its first trading day, but has since stabilized around $0.06 and currently has a market cap of $270 million.
Solana is not among the top 8 blockchains by activity and has seen a 34% drop in volume over the past 30 days. During the same period, market leader Ethereum saw a 3% increase in volume and a 5% increase in the number of active addresses (UAW).
Given the recent disappointment with airdrops and the decline in network activity, there is a growing sense that the price of SOL will fall further.
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