Solayer's token, $LAYER, dropped 55% shortly before its anticipated token unlock, leading to a market cap reduction of over $350 million. This significant selloff occurred in a chaotic manner, with early traders seemingly prepared for volatility. An on-chain researcher noted that the Solayer team may have orchestrated pre-unlock sales through wallets linked to the team and claimed that only a fraction of the token supply was distributed during the Genesis Drop. This situation has raised suspicions of a coordinated exit by early holders. The low float and high FDV left Solayer vulnerable, as demand was driven more by market narrative than fundamental value. While Solayer encountered troubles, the broader Solana ecosystem thrived in April, with increased DEX volumes, outpacing both ETH and BTC. This divergence highlights that Solayer's decline may be due to speculative pricing rather than actual value, illustrating the risks in highly speculative token economies while overall Solana fundamentals continue to improve.

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