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Home Crypto Currency

Solana, a cryptocurrency, collapses amid the FTX scandal

Bilquees Anwar by Bilquees Anwar
November 14, 2022
in Crypto Currency
Reading Time: 2 mins read
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Solana, a cryptocurrency, collapses amid the FTX scandal

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.

To read our blog on “The price of Ethereum outperforms that of other L1 networks,” click here

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Bilquees Anwar

Bilquees Anwar

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