The controversy surrounding the Solana memecoin LIBRA has led to a rally in Ethereum, with a 3.37% spike in its value and an increase in total value locked (TVL). Data from Lookonchain shows that a significant amount of capital is shifting towards Ethereum, with stablecoins like USDC and USDT holdings surging by $1.1 billion in the last 7 days. On the other hand, around $772 million has been withdrawn from Solana following the launch of LIBRA, raising questions about the credibility of the Solana blockchain. The controversy has resulted in a drop in Solana's TVL from $14.2 billion to $10.5 billion in just four days. The memecoin promotion has also led to legal trouble for Argentina's President Milei, who is facing fraud charges for promoting a scam coin.



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