Solana Plunges Below $10; Becomes a Shell of Itself

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The native cryptocurrency token SOL of the Solana blockchain platform saw its market value fall by more than $50 billion in 2022 as the enormous fire sale proceeded on through Friday.

SOL’s price fell as low as $8.14 in the early hours of Friday after falling below $10 on Thursday for the first time since February 2021. However, later in the day, it bounced back to $9.89, resulting in a gain of nearly 12.5% for the day.

According to information from the website CoinMarketCap, which tracks the prices of digital assets, the token’s market value has dropped from its highest point of $55.3 billion in early January to as little as $3.4 billion on Friday. The token’s market capitalization has decreased by about $52 billion this year as a result of the annual price reduction.

The once-top-5 cryptocurrency SOL is currently ranked 17th as of Friday. It has been plagued by internal problems. DeGods and y00ts, two significant non-fungible token projects of Solana, recently declared their intention to leave the platform and transition to Ethereum and Polygon.

A crucial component of Solana’s decentralized finance, Raydium, an on-chain order book automated market maker, was also compromised in the first few days of December.

Solana Suffering from Association With Bankman-Fried

Some cryptocurrency fans think that Sam Bankman-Fried, the former CEO of FTX and a big proponent of the Solana blockchain, is to blame for the recent sell-off.

On the other side, several blockchain analysts concur with the theory that Alameda Research’s wallets, which are tied to FTX, have reactivated, unloading SOL to purchase Bitcoin and Ethereum in their place.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.