Solana's having the kind of month that has holders weeping and network profitability longing for the good old days. 

The once-darling of crypto VCs is watching its ecosystem implode from multiple directions at once.

Between stablecoin exodus, scam allegations, and FTX dumping tokens like they're going out of style, SOL holders are wondering what they did to deserve this pain.

Stablecoin Evacuation

For the first time in a long time, Solana's stablecoin volume actually decreased.

We're talking $772 million worth of stablecoins jumping ship in a single week, heading straight to the safety of Ethereum.

The Libra disaster left such a bad taste that investors are treating Solana like it has crypto cooties, and they’re rushing to the exits to show their displeasure. 

This is like watching your best players transfer to your rival's team midseason, and nobody whose bullish on Solana is stoked about it.

The Scam Connection

There are a few fundamental reasons for this deluge of support fleeing the chain – Solana's been caught with its hand in the meme coin cookie jar.

Kelsier Ventures and Meteora have been running what looks like a long-term scheme to extract value from degens playing the meme coin casino.

Unlike Ethereum, which stays neutral when scams run on its blockchain, Solana's close ties to these operations have everyone asking uncomfortable questions.

It's reached the point where people aren't just asking if Solana knows about these scams – they're asking if Solana is actively in on them.

The Unlock Nightmare

March 1st brought the kind of token unlock that keeps bag holders awake at night.

FTX's bankruptcy estate just unleashed 11.2 million SOL tokens worth nearly $2 billion onto the market.

Previous unlocks didn't crash the ecosystem, but this one feels different – like watching a tsunami approach while you're still dealing with the earthquake.

When tokens need to be liquidated to pay back creditors, there's no "diamond hands" philosophy – just cold, hard selling.

The FTX Hangover

FTX creditors are unstaking and dumping SOL faster than influencers abandoned the latest token they were paid to endorse and pinky promised they wouldn’t dump on their followers. 

Every SOL transfer from FTX wallets sends another shiver through the market.

The tokens are being sold at prices way below what believers paid during the 2021 mania.

This constant reminder of Solana's FTX relationship is about as welcome as SBF at a crypto conference.

The Hard Reality

Solana's facing a perfect storm of problems that make Bitcoin's scaling debates look like a friendly chat.

To survive, they'll need to address the scam accusations with actual transparency instead of the usual crypto handwaving. 

Meanwhile, these token unlocks will keep coming as there's nothing anyone can do about FTX's grip on the SOL supply.

The only question is whether Solana's ecosystem has enough genuine activity to offset these pressures or if we're watching the slow-motion collapse of another once-promising Layer 1.