Ethereum Benefits from ‘LIBRA’ Controversy; Surges 6.37%

Ethereum has surged by 3.37% amid the controversy surrounding the Solana memecoin LIBRA, leading to a significant migration of users and capital towards Ethereum. In the past week, stablecoin holdings on Ethereum increased by $1.1 billion, while Solana saw a $772 million decrease. The controversy has raised questions about Solana's credibility, resulting in a drop in its total value locked (TVL). Additionally, Argentina's President Javier Milei faces legal issues related to the promotion of LIBRA, accused of fraud in connection with the meme coin.