Solana has been rocked by memecoin scandals in recent times. Amid the turbulence caused by the LIBRA coin scandal, there is a search for trust in the markets when it comes to Solana. Analysts suggest that interest in Ethereum could increase as the memecoin frenzy subsides.

Despite being dubbed the “Ethereum killer,” Solana is currently facing significant challenges due to the memecoin scandals that have emerged of late. In particular, the LIBRA memecoin scandal initiated through Pump.fun dealt a major blow to Solana’s credibility. This incident has negatively impacted investor perception, raising questions about Solana’s future. Nevertheless, Solana showed a significant increase in revenue in 2024, and during this period, the memecoin craze also boosted the platform’s earnings.

Solana’s revenue is on the rise

According to Messari’s report, Solana’s revenue increased by 213% in the fourth quarter of 2024, rising from $268 million to $840 million. However, a large portion of this increase is due to the memecoin craze. While Solana experienced significant growth in the DeFi sector in 2024, legal and ethical issues facing the network could undermine investor trust. In particular, the LIBRA scandal and subsequent fraud allegations have damaged Solana’s image.

Competition continues

Although Solana continues to be one of Ethereum’s strongest competitors, the scandals that have occurred seem to have affected investor perception. Issues like Pump.fun and LIBRA could hinder Solana’s growth and lead investors to turn towards Ethereum. However, the future of Solana remains uncertain, yet it continues to be a significant player in the blockchain world.