Solana plummets beneath $10 in an nearly two-year low

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Solana fell beneath $10 on Wednesday for the primary time since February 2021. Inside a yr, the cryptocurrency had fallen by 94%. Compared, over the identical time period, the decline from the peaks for Bitcoin was 74.5% and for Ethereum, 74.6%.

Solana’s present value is $9.73, an almost 20% lower in seven days and a 12% drop in 24 hours. No different most-valued cryptocurrency fell as a lot on the identical time.

There have been considerations that giant holders are about to dump the token, which for a very long time was backed by Sam Bankman-Fried. Some may argue that the worth of SOL from 2020 to 2021 was, to some extent, pushed by Bankman-Fried’s market advocacy.

SBF had as soon as invested important quantities into the cryptocurrency and its ecosystem. After the crypto alternate FTX and its hedge fund Alameda Analysis went bankrupt, Solana was among the many cryptocurrencies that fell the toughest.

The cryptocurrency reached its highest level of $250 in November 2021. In accordance with Coin Market Cap, from the fifth place as essentially the most beneficial cryptocurrency, SOL token has now dropped to the seventeenth place.

The latest viral information of the 2 main Solana NFT collections, DeGods and y00ts, migrating to Ethereum and Polygon blockchains whereas leaving Solana behind, has strongly impacted the cryptocurrency’s value drop.

Solana’s NFT market Magic Eden and self-custody pockets Phantom have each expanded into different blockchain networks. After Aptos blockchain launched its NFT market Topaz in October, many customers have speculated that the community would substitute Solana for digital collectibles.

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