Cryptocurrency traders are watching for a potential reversal in the SOL to ETH ratio as scandals surrounding memecoins have negatively impacted sentiment towards the Solana network. The SOL/ETH ratio peaked at over 0.08 SOL per 1 ETH but dropped to approximately 0.06 SOL/ETH by February 18. Analyst Andy noted that Solana's previous reputation as a prime platform for retail has been tarnished by associations with scams and insider trading. Since mid-2023, SOL has significantly outperformed ETH, but has faced setbacks due to a recent memecoin debacle involving Libra, which lost around $4.4 billion in market capitalization shortly after its launch. The fallout from this event has reportedly caused a more than 15% decline in SOL's price, prompting scrutiny of specific Solana applications involved in the incident. In contrast, Ethereum seems set for mainstream adoption, with its price recovering and development activity expanding, particularly in areas like real-world assets and artificial intelligence.

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