Solana's “funeral” began on social networks with a drop to $5: a high-profile lawsuit caused panic
NoLimitGains about the situation.
The impetus was the news that a US court has approved the second lawsuit brought by users who lost money trading Memcoins launched via PumpFun. The plaintiffs claim that there was an unfair insider game in the token launches: individual participants allegedly had access to purchases earlier than others and completed transactions faster and at a better price, while retail investors got in later and suffered losses after sharp crasheshad to.
The main accusation is that this situation was not an accident. We are talking about the possible use of features of the Solana infrastructure - the order of transaction processing, prioritization and operation of validators. It was these mechanisms that gave insiders an advantage in the adoption of Memcoins, making losses inevitable for retail users. The discussion quickly shifted from PumpFun to the Solana blockchain itself, as the case file attempts toLinking the actions of individual market participants not only to the platform, but also to the underlying logic of the network. Should such a dispute arise, the reputation of the entire ecosystem is at risk.
Additional pressure on investor sentiment comes from the token ownership structure. It is estimated that between 45% and 55% of SOL's circulating supply is in the hands of insiders, early investors, venture capital funds and Solana affiliateswould fall to single digits, including levels around $5.Proponents of such scenarios remind us that in times of crisis the crypto market responds not to technology or indicators, but to trust, and its loss has led to rapid collapses more than once.
At the same time, from a legal perspective, the matter is only in its early stages. The court did not recognize the guilt of both parties and only continued to consider the updated lawsuit. It may take months or years before an actual trial takes place. At the moment, conversations about “Solan for 5” mostly look like FUD (Fear, Uncertainty, Doubt), but this time they actually contain a rather threatening oneBase.
