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Solana Price Hits Yearly Low as ‘Perfect Storm’ Batters Price

Solana's price has hit a new low due to fatigue among meme coin traders on the Pump.Fun platform. The platform's popularity has dwindled since the endorsement of a Solana-based meme coin by Argentina's President. Daily fees on the platform have dropped significantly, and daily active addresses have also decreased. The collapse of FTX and the unlocking of Solana tokens from the bankruptcy estate have added to negative sentiment. Despite this, experts believe Solana has a strong chance of being approved for a spot ETF by the SEC later in the year.

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