从欣快的高点到今天的清醒现实

如果这些天您的Sol包特别沉重，那么您并不孤单。 Solana已从其欣快的一月高点过渡

Hello dispatchers!

您好调度员！

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.

如果这些天您的Sol包特别沉重，那么您并不孤单。索拉纳（Solana）从其欣快的一月高点过渡到今天的清醒现实。从历史最高到132美元的价格低至132美元，甚至超过ETH（下降18％）的每月下降38％，索尔在Memecoin市值中也损失了超过220亿美元，并且面临着一场完美的总统代币丑闻和协议大战，超过50％以上，甚至超过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，我们深入研究了索拉纳（Solana）生态系统的多种危机，从pump.fun的潜在背叛雷迪（Raydium）到迫在眉睫的20亿美元代币解锁，甚至有主要的做市商都在收取资金。这是索拉纳（Solana）模因集会的终结，还是只是向下一个阶段的暴力旋转？让我们找出答案。

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在我们的年度计划中获得17％的折扣，并访问我们的每周高级功能（Hashedin，蠕虫，兔子洞和Mempool），以及仅订户的帖子。

The Damage Report

损坏报告

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.

命运变化很快。甚至在加密货币中更快。不到两个月前，索拉纳（Solana）是这个牛市的黄金孩子，随着特朗普代币发射推动生态系统升至新高点，达到了惊人的293美元。如今，它正在努力持有140美元以上的股份，这是惊人的50％的暴跌，甚至超过了更广泛的加密货币市场的下降。

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.

屠杀不仅限于Sol的价格。整个Solana生态系统都感受到了震颤。 Solana Dex交易量下降到上周的26.1亿美元的五周低点，而索拉纳（Solana）本月的下降（38％）大大超过以太坊（18％）。更重要的是，索尔现在处于自2024年10月以来的最低价格，删除了近四个月的收益。

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.

具有讽刺意味？衰落正在发生，就像机构利益达到顶峰，受命中的多个基金发行人根据其现货价格提交申请。富兰克林·邓普顿（Franklin Templeton）上周成为最新的Solana ETF资产经理，加入了灰度，位，金丝雀，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.

即使更广泛的加密货币市场正处于血腥阶段，Solana的痛苦尤为严重。比特币比峰值下降了约20％，而以太坊在过去一个月中却降低了19％。索拉纳（Solana）在同一时期下降的38％降低，不仅仅是市场相关性。

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

每个人都想到的问题：对于本来可以带领这个牛市的“以太杀手”区块链来说，有什么极大的错误？

Presidential Token Disasters

总统令牌灾难

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."

如果索拉纳目前的伤口可以追溯到一个命运的起源，那么这可能是加密货币成为政治玩法的那一刻。 2月14日，阿根廷总统贾维尔·米利（Javier Milei）在社交媒体上推广了总部位于索拉纳的$天秤座令牌，引发了一个狂热的速度，该疯狂短暂地使该代币达到了46亿美元的估值。几个小时后，据称内部人士在Galaxy Digital将其描述为“地毯拉力”中偷走了价值超过1.07亿美元的流动性，导致灾难性95％的崩溃。辐射是立即和严重的。根据Nansen的研究，收购Milei Memecoin的钱包中有86％以上最终亏损了。丑闻引发了阿根廷的政治强烈反对，反对者呼吁麦莉的弹each。麦莉急忙删除了他的促销职位，声称他“对代币几乎一无所知”。

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.

这场灾难发生在就职典礼周末与索拉纳（Solana）的特朗普和梅拉尼亚（Melania）代币发生类似情况之后几周。两个令牌最初都飙升至数十亿美元的估值，然后才造成巨大的损失，使大多数投资者遭受了巨大的损失。

Read: When Presidents Play With Memes 🏛️

阅读：总统与模因一起玩🏛️

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."

总统认可的反复模式随后是令牌崩溃对Solana生态系统的信任严重受损。正如Coinbase首席执行官Brian Armstrong在天秤座崩溃之后所说：“一些成年人显然已经走得太远了，”该行业呼吁“清除坏演员”。

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.

声誉损害不仅仅是代币本身。通过主持这些有争议的发射，Solana与Defi Project Onebalance的营销负责人Edward Wilson称为“掠夺性”产品，这些产品“捕食”投资者。

Block That Quote 🎙️

封锁该报价🎙️

"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

“当梅拉尼亚在特朗普之后推出时，这使人们意识到有些球队纯粹是提取的，并且确实偷走了特朗普发射的雷声。与天秤座硬币的最后一波浪潮是棺材中的指甲。” - 索拉纳交易平台泰坦的创始人克里斯·钟（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当前危机的核心 - 这不仅仅是一场总统的代币灾难，而是它们的迅速继承揭示了一种剥削模式，这一模式受到了严重损害的信任