The cryptocurrency Solana, which was until recently thought to be among those with a bright future, is currently in the process of utterly imploding.
In the past seven days, the token’s value decreased by 61.6%, according to data provider. Prices for Solana (SOL) have already dropped 95% from their peak on November 6, 2021. Currently trading at $14.12, down from $259.96 in November 2021, is Solana.
The failure of cryptocurrency exchange FTX on November 8—which filed for Chapter 11 bankruptcy three days later as a result of a cash shortage—was the cause of Solana’s demise.
Because of this, SOL’s price has dropped by 51.5% since November 8 and its market value has decreased by $5.5 billion.
The whole cryptocurrency market was impacted by the FTX fiasco and Solana’s setback, which saw a loss of 17.6%, or $188.4 billion, since November 7.
The most well-known cryptocurrency, Bitcoin, has dropped 22.4% in the past week. The market value of Ether, the second cryptocurrency, has dropped by 24.4% in the last week.
The Solana Blockchain has created a token called Solana that enables the creation of decentralized finance (DeFi) companies that provide financial services including loans, mortgages, financial goods, etc.
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