Solana's cryptocurrency, SOL, has experienced a decline of over 12% in the past day. A significant contributor to this drop is the recent deadline imposed on meme coin activities on its blockchain.
Solana’s cryptocurrency, SOL, nosedived over 12% on Monday as a recent clampdown on meme coin activities on its blockchain and a cryptocurrency investigator’s claims that several meme coins launched on Solana’s Pumpfun platform are linked to entities involved in laundering funds stolen from Bybit by the Lazarus Group weighed on the token.
Meanwhile, Ripple’s XRP plummeted nearly 13% on Tuesday after President Donald Trump announced that the United States will impose tariffs on Canada and Mexico. The news exacerbated the broader downturn in the cryptocurrency market as both countries have failed to reach an agreement with the US government, despite an initial suspension of the tariffs.
At a White House press conference, Trump said the tariffs are set to begin in March, adding that their implementation is proceeding as planned. A 25% tariff will be levied on goods imported from Canada and Mexico, while Canadian energy resources, such as electricity, natural gas, and oil, will face a lower tariff of 10%.
Amid growing uncertainty over the tariffs and their impact on international trade, many investors appeared to be de-risking, contributing to a roughly 8% decline in the cryptocurrency market. Bitcoin fell below the $92,000 level, and the total market capitalization decreased by nearly $250 billion.
According to data from Coinglass, futures traders are nearing a landmark achievement of about $1 billion in liquidations, which were mainly driven by Bitcoin, Ethereum (ETH), and Solana (SOL).
CoinShares’ weekly ETF flow data showed significant withdrawals from Bitcoin investment products last week, with Bitcoin exchange-traded funds (ETFs) losing $571 million, marking the second consecutive week of outflows since the year began. CoinShares said investors may be pulling out due to several factors, including new tariffs and anticipation around macroeconomic indicators.
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