Here's main reason why SOL is dumping hard

Since a lot of folks here seem unawares, basically here's what's going on:

Revelations that the co-founder of Meteora has been working with Hayden (guy who rugged 100M on LIBRA) on numerous memecoins including Melania and others with a TON of criminal shit going on behind the scenes. Meteora founder has now resigned.

DeFi Tuna leaked a bunch of stuff, screenshots etc, exposing a bunch of previously trusted mainstream players in the space which clearly show just how much shady stuff is going on behind the scenes.

Jupiter, Meteora, bunch of huge market makers and other big players all currently being exposed.

Word on the street is this group of insiders has rugged 300M + in the last few months alone.

Jupiter announcing they are going to investigate themselves using a 3rd party scammy law firm previously associated with FTX does not help how terrible they look at the moment (Meteora is subsidiary of Jupiter)

So yeah, just like FTX, shit like this is gonna hit the market hard.

Hard to say where Solana goes from here, depends a lot on how ETH reacts probably...

But likely a watershed moment for Solana, or not and we all forget about it next week who knows. 👍🫡