Since mid-December last year, tokens have generally fallen by 30%-80%, with SOL's market value shrinking by 50 billion dollars in a month

ChainCatcher news, data from digital asset management company Arca shows that since mid-December last year, most tokens have lost value ranging from 30% to 80%. Among them, Solana's market cap has lost about $50 billion in the past month, partly due to the recent scandal involving a meme coin called Libra. Additionally, Solana is facing selling pressure as approximately $1.72 billion worth of Solana tokens are scheduled to be "unlocked" (lifted trading restrictions) on March 1.

Arca's Chief Investment Officer Jeff Dorman stated, "The weakness in the cryptocurrency market has persisted for eight weeks, with stocks, fixed income, and gold completely unaffected by any indicators used to explain the weakness, while only cryptocurrencies continue to decline. This is largely due to depressed market sentiment, losses from various meme coin failures, and a lack of funding to support new token issuances."