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HomeCoinsBlockchainBitMEX Co-founder Arthur Hayes Criticizes Solana Amid Falling Costs

BitMEX Co-founder Arthur Hayes Criticizes Solana Amid Falling Costs

  • 12 months-to-date, the worth of Solana has plummeted by greater than 94%.
  • Since FTXโ€™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 โ€œSolanaโ€ 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 FTXโ€™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.

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Two of essentially the most outstanding NFT purposes constructed on the Solana blockchainโ€”DeGods and Y00tsโ€”have not too long ago introduced their migration to the Ethereum and Polygon ecosystems, respectively.

CoinsTeacher

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