Ethereum Rallies Amid Solana LIBRA Controversy

Ethereum (ETH) has seen a 3.37% rally alongside an impressive rise in Total Value Locked (TVL), spurred by a migration of users from Solana.

According to Lookonchain, there is a significant capital shift toward Ethereum. In the last week, stablecoin holdings of USDC and USDT on Ethereum increased by $1.1 billion. Conversely, Solana experienced a departure of around $772 million in funds. This migration was triggered by the recent launch of the LIBRA memecoin, which raised concerns about the credibility of the Solana blockchain.

Following the launch, Solana’s TVL dropped sharply, plummeting from $10.95 billion to $10.5 billion after peaking at $14.2 billion on January 18.

> In the past 7 days, stablecoins (USDT & USDC) on #Ethereum increased by $1.1B, and stablecoins (USDT & USDC) on #Solana decreased by $772M.
> — Lookonchain (@lookonchain) February 17, 2025

MELANIA, a meme coin promoted by the US First Lady, and LIBRA, endorsed by Argentine President Javier Milei, are at the center of controversies involving allegations of speculation, insider trading, and investor fund losses.

Furthermore, President Milei is facing legal troubles due to LIBRA’s promotion, with lawyers in Argentina filing fraud charges against him, alleging that he promoted a meme coin linked to a “rug pull” scam. Jonatan Baldiviezo, a lawyer, stated, “Within this illicit association, the crime of fraud was committed, in which the President’s actions were essential.”