- 12 months-to-date, the worth of Solana has plummeted by greater than 94%.
- Since FTX’s demise, the wrestle for Solana blockchain has intensified.
The overall market value of all cryptocurrencies has fallen beneath the $800 billion threshold, signaling a continuation of the industry-wide decline. The worth of the most well-liked cryptocurrency, Bitcoin (BTC), has fallen by 65% YTD, whereas the worth of Ethereum (ETH) has fallen by 68% YTD. Though 2022 was the worst yr ever for the Solana (SOL).
12 months-to-date, the worth of Solana has plummeted by greater than 94%. The opening value of SOL this yr was $172. At this second, nevertheless, the typical value of Solana is simply $10.06. One of the crucial common cryptocurrencies has seen a dramatic decline. As 2022 progresses, SOL has turn out to be a serious loser.
Battle Continues For Solana
BitMEX co-founder and cryptocurrency dealer Arthur Hayes has spoken out. In accordance with him, even “Solana” is a nugatory cryptocurrency. He continued by saying that if the most important monetary press is pounding on it, it’ll ultimately be a purchase.
Nothing ever rises or falls in a straight line, Hayes mentioned. In distinction, SOL costs have fallen by further 12% within the final day. And its 24-hour buying and selling quantity has elevated by a whopping 158% to $397 million. Its present market worth is above $3.6 billion.
Since FTX’s demise, the wrestle for Solana blockchain has intensified. The value of SOL has dropped by greater than 73% in solely the earlier 8 weeks. In the meantime NFT tasks and Validators are additionally migrating away from Solana onto different blockchains.
Two of essentially the most outstanding NFT purposes constructed on the Solana blockchain—DeGods and Y00ts—have not too long ago introduced their migration to the Ethereum and Polygon ecosystems, respectively.