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Viewpoint: Celebrity Coin Fiasco Leads to Solana Narrative Collapse, Traders Eye Potential SOL/ETH Reversal

2025.02.19 10:16:18

On February 19th, due to a series of Meme coin scandals that have had an impact on investor sentiment towards the Solana network, cryptocurrency traders are keeping a close eye on the potential for a reversal in the SOL/ETH exchange rate. According to data from TradingView, since mid-2023, SOL has performed significantly better than ETH, with the SOL/ETH exchange rate rising by more than ten times during this period. The SOL/ETH exchange rate reached a peak of 0.08 on February 15th and then reversed course, dropping to around 0.06 on February 18th. Andy, the co-founder of the venture capital firm Rollup Ventures, wrote: "The narrative of Solana as the best chain for retail participation has just shifted to one associated with fraud and insider trading, and it will take time to correct this. At the same time, 'Ethereum is ready to be adopted by the mainstream. The tide is turning.' He added that the SOL/ETH exchange rate is a barometer of the shift in market sentiment." (Cointelegraph)
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Coinbase will suspend perpetual contract trading for 10 tokens, including MEME, SAND, and BIRB.

Coinbase will suspend trading in the following perpetual contracts around 21:00 on August 26: Memecoin (MEME-PERP), The Sandbox (SAND-PERP), Moonbirds (BIRB-PERP), Blur (BLUR-PERP), Katana (KAT-PERP), SPX6900 (SPX-PERP), ZORA (ZORA-PERP), Axie Infinity (AXS-PERP), Gensyn (AI-PERP), and LayerZero (ZRO-PERP). All remaining open positions will be automatically settled at that time, with the final settlement price calculated as the average index price over the 60 minutes prior to the trading suspension. The funding rate for the last cycle will be set to zero.

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Coinbase will suspend perpetual contract trading for 10 tokens including MEME, SAND, BIRB.

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