從欣快的高點到今天的清醒現實

如果這些天您的Sol包特別沉重，那麼您並不孤單。 Solana已從其欣快的一月高點過渡

Hello dispatchers!

您好調度員！

If your SOL bag is feeling particularly heavy these days, you're not alone. Solana has transitioned from its euphoric January highs to today's sobering reality. Plummeting over 50% from its $293 all-time high to as low as $132, and outperforming even ETH (down 18%) with a painful 38% monthly decline, SOL also lost over $22 billion in memecoin market cap and faced a perfect storm of presidential token scandals and protocol wars.

如果這些天您的Sol包特別沉重，那麼您並不孤單。索拉納（Solana）從其欣快的一月高點過渡到今天的清醒現實。從歷史最高到132美元的價格低至132美元，甚至超過ETH（下降18％）的每月下降38％，索爾在Memecoin市值中也損失了超過220億美元，並且面臨著一場完美的總統代幣醜聞和協議大戰，超過50％以上，甚至超過38％的ETH（下降18％）。

Today we're diving deep into the multiple crises converging on Solana's ecosystem, from Pump.fun's potential betrayal of Raydium to the looming $2 billion token unlock that has even major market makers pulling funds. Is this the end of Solana's memecoin-fuelled rally, or just a violent rotation into its next phase? Let's find out.

今天，我們深入研究了索拉納（Solana）生態系統的多種危機，從pump.fun的潛在背叛雷迪（Raydium）到迫在眉睫的20億美元代幣解鎖，甚至有主要的做市商都在收取資金。這是索拉納（Solana）模因集會的終結，還是只是向下一個階段的暴力旋轉？讓我們找出答案。

Get 17% discount on our annual plans and access our weekly premium features (HashedIn, Wormhole, Rabbit hole and Mempool) and subscribers only posts.

在我們的年度計劃中獲得17％的折扣，並訪問我們的每周高級功能（Hashedin，蠕蟲，兔子洞和Mempool），以及僅訂戶的帖子。

The Damage Report

損壞報告

Fortunes change fast. Even faster in crypto. Less than two months ago, Solana was the golden child of this bull market, reaching a staggering $293 as the TRUMP token launch catapulted the ecosystem to new highs. Today, it's struggling to hold above $140 — a staggering 50% plunge that has surpassed even the broader crypto market's decline.

命運變化很快。甚至在加密貨幣中更快。不到兩個月前，索拉納（Solana）是這個牛市的黃金孩子，隨著特朗普代幣發射推動生態系統升至新高點，達到了驚人的293美元。如今，它正在努力持有140美元以上的股份，這是驚人的50％的暴跌，甚至超過了更廣泛的加密貨幣市場的下降。

The carnage isn't limited to SOL's price. The entire Solana ecosystem has felt the tremors. Solana DEX trading volumes dropped to a five-week low of $2.61 billion last week, and Solana's decline this month (38%) has significantly outpaced Ethereum's (18%). What's more, SOL is now at its lowest price point since October 2024, erasing nearly four months of gains.

屠殺不僅限於Sol的價格。整個Solana生態系統都感受到了震顫。 Solana Dex交易量下降到上週的26.1億美元的五週低點，而索拉納（Solana）本月的下降（38％）大大超過以太坊（18％）。更重要的是，索爾現在處於自2024年10月以來的最低價格，刪除了近四個月的收益。

The irony? The downfall is unfolding just as institutional interest was peaking with hit multiple fund issuers filing applications based on its spot price. Franklin Templeton became the latest asset manager to file for a Solana ETF last week, joining Grayscale, Bitwise, Canary, 21Shares, and VanEck.

具有諷刺意味？衰落正在發生，就像機構利益達到頂峰，受命中的多個基金發行人根據其現貨價格提交申請。富蘭克林·鄧普頓（Franklin Templeton）上周成為最新的Solana ETF資產經理，加入了灰度，位，金絲雀，21shares和Vaneck的灰度。

Even as the broader crypto market is going through a bloody phase, Solana's pain has been particularly acute. Bitcoin is down roughly 20% from its peak, while Ethereum has shed 19% over the past month. Solana's 38% drop in the same period signals something more than just market correlation.

即使更廣泛的加密貨幣市場正處於血腥階段，Solana的痛苦尤為嚴重。比特幣比峰值下降了約20％，而以太坊在過去一個月中卻降低了19％。索拉納（Solana）在同一時期下降的38％降低，不僅僅是市場相關性。

The question on everyone's mind: what went so terribly wrong for the "Ethereum killer" blockchain that was supposed to lead this bull market?

每個人都想到的問題：對於本來可以帶領這個牛市的“以太殺手”區塊鏈來說，有什麼極大的錯誤？

Presidential Token Disasters

總統令牌災難

If Solana's current wounds could be traced to one fateful origin, it might be the moment when cryptocurrencies became political playthings. On February 14, Argentine President Javier Milei promoted the Solana-based $LIBRA token on social media, triggering a frenzy that briefly sent the token to a $4.6 billion valuation. Hours later, insiders allegedly siphoned over $107 million worth of liquidity in what Galaxy Digital described as a "rug pull," causing a catastrophic 95% collapse. The fallout was immediate and severe. More than 86% of wallets that bought Milei's memecoin ended up losing money, according to research from Nansen. The scandal triggered political backlash in Argentina, with opponents calling for Milei's impeachment. Milei hastily deleted his promotional posts, claiming he had "little to no knowledge about the token."

如果索拉納目前的傷口可以追溯到一個命運的起源，那麼這可能是加密貨幣成為政治玩法的那一刻。 2月14日，阿根廷總統賈維爾·米利（Javier Milei）在社交媒體上推廣了總部位於索拉納的$天秤座令牌，引發了一個狂熱的速度，該瘋狂短暫地使該代幣達到了46億美元的估值。幾個小時後，據稱內部人士在Galaxy Digital將其描述為“地毯拉力”中偷走了價值超過1.07億美元的流動性，導致災難性95％的崩潰。輻射是立即和嚴重的。根據Nansen的研究，收購Milei Memecoin的錢包中有86％以上最終虧損了。醜聞引發了阿根廷的政治強烈反對，反對者呼籲麥莉的彈each。麥莉急忙刪除了他的促銷職位，聲稱他“對代幣幾乎一無所知”。

This disaster came just weeks after a similar scenario played out with the Trump and Melania tokens on Solana during inauguration weekend. Both tokens initially soared to multi-billion dollar valuations before crashing spectacularly, leaving most investors with massive losses.

這場災難發生在就職典禮週末與索拉納（Solana）的特朗普和梅拉尼亞（Melania）代幣發生類似情況之後幾週。兩個令牌最初都飆升至數十億美元的估值，然後才造成巨大的損失，使大多數投資者遭受了巨大的損失。

Read: When Presidents Play With Memes 🏛️

閱讀：總統與模因一起玩🏛️

The repeated pattern of presidential endorsements followed by token crashes severely damaged trust in Solana's ecosystem. As Brian Armstrong, CEO of Coinbase, stated after the Libra debacle: "Some memecoins have clearly gone too far," calling on the industry to "purge the bad actors."

總統認可的反复模式隨後是令牌崩潰對Solana生態系統的信任嚴重受損。正如Coinbase首席執行官Brian Armstrong在天秤座崩潰之後所說：“一些成年人顯然已經走得太遠了，”該行業呼籲“清除壞演員”。

The reputational damage extends beyond just the tokens themselves. By hosting these controversial launches, Solana has become associated with what Edward Wilson, marketing lead at DeFi project OneBalance, calls "predatory" products that "prey" on investors.

聲譽損害不僅僅是代幣本身。通過主持這些有爭議的發射，Solana與Defi Project Onebalance的營銷負責人Edward Wilson稱為“掠奪性”產品，這些產品“捕食”投資者。

Block That Quote 🎙️

封鎖該報價🎙️

"When Melania launched after Trump, it brought the realisation home that some teams were purely extractive and really stole the thunder of the Trump launch. The last wave with the Libra coin was the nail in the coffin." — Chris Chung, Founder of Solana trading platform Titan

“當梅拉尼亞在特朗普之後推出時，這使人們意識到有些球隊純粹是提取的，並且確實偷走了特朗普發射的雷聲。與天秤座硬幣的最後一波浪潮是棺材中的指甲。” - 索拉納交易平台泰坦的創始人克里斯·鐘（Chris Chung）

Chung's analysis cuts to the heart of Solana's current crisis — it wasn't just one presidential token disaster, but the rapid succession of them that revealed a pattern of exploitation that's severely damaged trust in the

Chung的分析削弱了Solana當前危機的核心 - 這不僅僅是一場總統的代幣災難，而是它們的迅速繼承揭示了一種剝削模式，這一模式受到了嚴重損害的信任