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The Meme coin turmoil has led to the collapse of the Solana narrative, and traders have followed the potential reversal of the SOL/ETH exchange rate
Odaily Planet Daily News Due to a series of MEME coin scandals affecting investor sentiment towards the Solana network, cryptocurrency traders are following the potential reversal of the SOL/ETH Exchange Rate. According to TradingView, SOL has significantly outperformed ETH since mid-2023, with the SOL/ETH Exchange Rate up more than tenfold during that time. The SOL/ETH Exchange Rate reversed after peaking at 0.08 on February 15, dropping to around 0.06 on February 18. Andy, co-founder of venture capital firm Rollup Ventures, tweeted: "The narrative of Solana as the best retail investor engagement chain has just shifted to be associated with scams and insider trading, and this will take time to correct. At the same time, "Ethereum is ready for mainstream adoption." The tide is shifting," adding that the SOL/ETH Exchange Rate is a barometer of a shift in market sentiment. （Cointelegraph）