Meme coin controversy causes Solana narrative to collapse, traders focus on potential reversal of SOL/ETH exchange rate

Odaily News: Cryptocurrency traders are watching for a potential reversal in the SOL/ETH exchange rate as a series of Meme coin scandals affect investor sentiment towards the Solana network.

According to TradingView data, SOL has significantly outperformed ETH since mid-2023, during which time the SOL/ETH exchange rate has risen more than tenfold. The SOL/ETH exchange rate reversed after reaching a peak of 0.08 on February 15, falling to around 0.06 on February 18.

Andy Yu, co-founder of venture capital firm Rollup Ventures, wrote in an article on X: "Solana's narrative as the best retail participation chain has just turned into one associated with scams and insider trading, which will take time to correct." At the same time, "Ethereum is ready for mainstream adoption. The tide is turning," adding that the SOL/ETH exchange rate is a barometer of shifting market sentiment.