Amid the Solana memecoin LIBRA controversy, Ethereum (ETH) has experienced a rally with a 3.37% spike with an impressive rise in TVL as a lot of users are migrating to Ethereum.
Lookonchain data shows that a large amount of capital is shifting toward Ethereum. In the last 7 days, stablecoins like USDC and USDT holdings on Ethereum surged by $1.1 billion. On the flip side, around $772 million fund has taken departure from Solana. The migration started after the launch of the LIBRA memecoin which raised questions on the credibility of the Solana blockchain.
The controversy sparked a massive drop in Solana’s total value locked (TVL), which came after it soared to $14.2 billion on January 18. In just four days, the TVL on Solana dropped from $10.95 billion to $10.5 billion.
In the past 7 days, stablecoins(USDT&USDC) on #Ethereum increased 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 officially promoted by the United States (US) First Lady, and LIBRA, promoted by the President of Argentina Javier Milei, became a hotbed for controversies, which fall into the allegations of speculation, insider allegations, and the loss of investor funds.
Moreover, Argentina’s President Milei faces a legal case for the LIBRA’s promotion. The news sources revealed that lawyers in Argentina have filed fraud charges against Milei, accusing him of promoting a meme coin that was a “rug pull” scam.
Jonatan Baldiviezo, a lawyer and plaintiff, said, “Within this illicit association, the crime of fraud was committed, in which the President’s actions were essential.”
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