Solana and Meme Coin Bull Run is Over: Altcoin Season Could Shift to Ethereum! - Coin Bulletin

While altcoin season has not yet begun, high-profile meme coin scandals on the Solana (SOL) chain have severely damaged the network's reputation, which could shift investor attention to Ethereum (ETH).

With the meme coin bull calming down and Solana drawing a negative image in this process, it has come to the fore that attention may have shifted to Ethereum for a possible altcoin season expected in the cryptocurrency market. Dom Harz, co-founder of Build on Bitcoin, stated that recent high-profile rug-pull allegations, in particular, have led to a significant decline in Solana's liquidity.

Harz said, "This week, the fraud allegations surrounding Argentine President Javier Milei's LIBRA token, previous scandals involving Donald Trump's TRUMP, MELANIA, and BARRON tokens, and Hawk Tuah Girl's HAWK token may have seriously damaged the meme coin bull run." According to Harz, although meme coins are always interesting for a certain community, their dominance in mainstream media and investor interest is dwindling.

Solana's strong interest in meme coins has negatively affected the overall reputation of the network. Harz stated, "Now Solana is being associated more with scams and sensational headlines than real innovations." Particularly, the shaken investor confidence and decreased liquidity have created a worrisome picture for Solana's future.

On the other hand, Harz pointed out that Ethereum has maintained its position in this process:

Although it did not perform as expected in this bull run, Ethereum still remains the first choice for developers. Developers and investors look for opportunities, and with the Pectra update, it seems that the meme bull run may come to an end and Ethereum could be back in the limelight.

According to Harz, this change in the market could indicate a different route for the altcoin season than expected, with interest shifting towards Ethereum instead of meme coins and Solana.