Short positions on Solana rise amid memecoin scandals, reflecting bearish outlook

The ratio of long to short positions on Solana (SOL) on crypto futures exchanges fell from 4 to 2.5 on Feb. 17, according to a report by Cointelegraph that cites data from Coinalyze. This shift indicates a bearish outlook for SOL, coming in the wake of recent memecoin scandals on its network. Notable incidents include the collapse of the LIBRA token, which has apparent ties to Argentine President Javier Milei, and Official Trump (TRUMP), a memecoin launched by U.S. President Donald Trump, both of which saw significant drops in value. However, despite these setbacks, data from DefiLlama shows that Solana still outperforms Ethereum in terms of revenue generation.