Written by: DaFi Weave, BlockTempo

After the Trump team issued $TRUMP, Sichuan Pu’s wife’s $MELANIA and the Central African President’s $CAR have also been launched one after another. The most controversial one now is the Argentine president’s $LIBRA, which seems to have become the fuse that crushes the hype sentiment of meme coins.

As more and more meme coins become profitable tools for internal traders and rat trading, scandals in the meme coins market continue to intensify, and price trends are common It was manifested as a collapse after a surge, and market hype enthusiasm began to cool down. This trend is also reflected in the price of Solana (SOL), the meme coin base camp.

SOL was from $186.94 last night, according to Binance Spot data It fell to a low of $174.63, and rebounded slightly before press release to $178.05, down 4.4% in the past 24 hours, making it the worst performing token among the top 30 currencies in market capitalization.

Trade Tyler tweeted that "the market is releasing its anger at Solana." Quote data from Binance perpetual contracts point out that the ratio of short positions to long positions has risen to 4:1, reflecting the market's obvious bearish sentiment towards Solana.

Solana The meme currency market has been "squeezed" billions of dollars by various institutions, trading robots, and insiders.

According to statistics from DeFiLlama founder 0xngmi, the total income obtained by different participants from the Solana meme currency market is as follows:

Trading Robots and Applications: $1.09 billion

Pump.fun Platform: $492 million

MEV (maximum extractable value): $1.5-2 billion

Trump insiders: $5-1 billion

Other insiders: Unknown

AMMs (automatic market makers): $0-2 billion

He said that there are more than $3.6 billion to $6.6 billion. This also reflects the high speculative nature of the meme currency market, and many returns are not enjoyed by ordinary investors, but are seized by high-frequency traders, arbitragers and insiders.

With Solana's meme coin Due to the impact, the market seems to have begun to turn its attention to Ethereum. Zhu Su, founder of SanArc Capital (3AC), tweeted yesterday that it is time to buy Ethereum in full.

Aran Hawker, CEO of CoinPanel, trading automation platform, told CoinDesk that Ethereum's recent rise is not a real excess performance, but more like a price return to its due level. It further stated: Some traders may turn their funds from SOL back to ETH, but the market trend and structure have not changed significantly. If this wave of rise encounters major market changes, it is likely to be erased quickly.

However, LMAX Group market strategist Joel Kruger is more optimistic, believing that this may be a sign that ETH's years-long depreciation trend towards BTC is about to end. He said: The ETH-BTC ratio has continued to decline since 2021, but may be bottoming out at the moment. We should pay close attention to the monthly highs of ETH/BTC, and if it is successfully broken, it will strengthen the possibility of a trend reversal.

The ETH/BTC ratio was temporarily reported at 0.0282, down 1.78% in the past 24 hours, at a low point since the end of 2020.

In addition, according to CoinGlass data, the market's interest in ETH was yesterday (17th) Significantly rising, futures have notTotal closing contracts grew 12% in 24 hours to about $2.6 billion, mainly from Binance and Gate.io, while BTC futures open contracts grew by just 1%, indicating that funds flow to ETH.

However, before the deadline, Ethereum has fallen back from yesterday's US$2849.7 to US$2703.91, with a cumulative decline of more than 5%. Ethereum's future price trend still needs to be closely linked. observe.