Multi-billion dollar memecoin scams and investor unlocks torched Solana sentiment in Q1, but SOL is starting to outperform again.
Solana’s euphoric post-TRUMP run to all-time highs was quickly thwarted by a number of massive memecoin scams and investor unlocks, but six months later, the token is surging against BTC again, fueled by digital asset treasury (DAT) speculation.
The SOL/BTC ratio touched 0.002 today, its highest level since February 16, just two days after the LIBRA memecoin scandal. The ratio is now up nearly 54% from its low in June.
While SOL holders will welcome the reprieve, SOL/BTC is still 35% below its cycle top of .0031 in March 2024, and 57% off its all-time high of .0047 in September 2021.
Solana’s outperformance is likely catalyzed by traders and investors front-running the incoming Solana DATs, including Forward Industries’ $1.65 billion private investment led by Galaxy Digital, Jump Trading, and Multicoin Capital.
Forward’s SOL accumulation appears to have already begun, with Galaxy Digital withdrawing $326 million of SOL from exchanges earlier today, according to Lookonchain and Arkham Intelligence.
SOL led the top ten cryptocurrencies in price performance from 2023 to 2024, surging more than 2000% to $293 in January 2025 from $13 in January 2023. Over the same period, BTC rallied 517% from $17,000 to $105,000.
