# Solana Fallout

*Author: Bankless*
*Published: Feb 18, 2025*
*Source: https://www.bankless.com/fr/read/solana-fallout*

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Solana Fallout

  
  Published on Feb 18, 2025

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[**Sponsor: Frax**](https://www.bankless.com/sponsor/frax-1737128738?ref=read/a-new-path-forward-with-echo&email=true) — Fraxtal Ecosystem: Where DeFi Meets AI.

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
Solana's Memecoin Fallout
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/02/Group-14---2025-02-18T194244.516.png)](https://www.bankless.com/dashboard)- 🇦🇷 **LIBRA Memecoin Fallout Continues. **Argentina President Javier Milei's memecoin foray continues to snowball, with the latest reporting from [CoinDesk](https://www.coindesk.com/business/2025/02/18/libra-token-s-co-creator-bragged-of-sending-money-to-argentine-president-milei-s-sister) suggesting that LIBRA's creator claimed to be 'controlling' the president via payments to his family.
- 🔵 **FTX Begins Repayments. **More than two years after the exchange's collapse, FTX is [finally sending out creditor repayments](https://decrypt.co/306585/collapsed-crypto-exchange-ftx-begins-repaying-billions), starting with holders who had less than $50K in assets on the exchange at the time of the collapse.
- 🟧** Strategy Announces a $2B Convertible Note Offering.** Saylor is back at it again, with a [new pitch for investors](https://www.theblock.co/post/341663/strategy-announces-2-billion-convertible-note-offering-to-fuel-future-bitcoin-purchases), even as the value of its BTC holdings takes a hit.
📸**Daily Market Snapshot: **[SOLBTC](https://www.tradingview.com/symbols/SOLBTC/) dipped to a new one-year low amid fallout related to the LIBRA launch and general crypto distaste around memecoin grift culture. All that said, SOL hodlers are still faring better than ETH buyers, with [SOLETH](https://www.tradingview.com/symbols/SOLETH/) up 67% over the past year, though there's been a nearly 20% dip in the past month.

Prices as of 7pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $3.14T
       

  
    
    ↘ 0.3%
    
  

   
    
    ↘ 0.9%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $95,433
       

  
    
    ↘ 0.2%
    
  

   
    
    ↘ 0.5%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,670
       

  
    
    ↘ 2.1%
    
  

   
    
    ↗ 2.7%  

 

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INVESTING

  
  

A New Path Forward with Echo?

  
  
   
     
     Bankless Author: 
     
       [
       
      Nick Shaheen](https://www.bankless.com/author/nick)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2025/02/image---2025-02-18T192544.374.png)](https://www.bankless.com/read/a-new-path-forward-with-echo)**There's no perfect way to launch a token. **That being said, there are plenty of shitty ways to launch one, something that the crypto industry is only growing more familiar with in recent days. 

Years ago, crypto mega-influencer/investor [Cobie](https://x.com/cobie?lang=en), aka Jordan Fish, highlighted one particularly shitty token launch strategy that was prevalent (and still is) among projects backed by the industry's top VCs. These so-called low-float, high-FDV (fully diluted value) token launches gave venture investors all of the early upside and ensured that a lack of volatility at launch ensured insiders got paid. 

Cobie's musings triggered some solution hunting, and he ended up shipping Echo, an investment app built for “allowing onchain natives to invest together.” The product [launched in beta](https://www.theblock.co/post/285756/crypto-vc-cobie-echo-beta) nearly a year ago, and since then, [238 deals have been facilitated](https://dune.com/sealaunch/echoxyz-early-stage-investing-in-startups-and-tokens) using Echo by 7,654 unique investors and just under $100M total raised. The firm has been capturing more and more attention in recent months, led by MegaETH's $10M raise from the platform in December.

*To understand more about why Echo is having a moment, we have to take a step back and learn what Cobie means by low-float high-FDV. *👇

[Read on Bankless.com](https://www.bankless.com/read/a-new-path-forward-with-echo)
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