Solana has been rocked by meme coin scandals recently. Following the LIBRA coin scandal, there is a search for trust in the markets concerning Solana. Analysts suggest that interest in Ethereum could rise as the meme coin frenzy diminishes.

Despite being dubbed the “Ethereum killer,” Solana is currently facing significant challenges due to the meme coin scandals that have occurred recently. Particularly, the LIBRA meme coin scandal initiated through Pump.fun dealt a severe blow to Solana’s credibility. This event negatively affected investor perception, raising questions about Solana’s future. However, Solana showed a significant revenue increase in 2024, with the meme coin craze during this period also boosting the platform’s revenue.

SOLANA’S REVENUE GROWTH

According to Messari’s report, Solana’s revenue surged by 213% in the fourth quarter of 2024, increasing from $268 million to $840 million. However, a large part of this growth is attributed to the meme coin craze. While Solana experienced substantial growth in the DeFi sector in 2024, legal and ethical issues facing the network could undermine investor confidence. Particularly, the LIBRA scandal and subsequent fraud allegations tarnished Solana’s image.

COMPETITION CONTINUES

Despite remaining one of Ethereum’s strongest competitors, Solana appears to have impacted investor perception due to the scandals. Issues like Pump.fun and LIBRA could impede Solana’s growth and lead investors to turn to Ethereum. Nevertheless, Solana’s future remains uncertain and it continues to be a significant player in the blockchain world.