Solana-based tokens are going down as the “Ethereum Killer” continues to slide

Solana (SOL), the token that powers the blockchain network of the same name, is down another 6% on Thursday morning and is currently trading at $9.45 per CoinGecko.

After being hailed by the disgraced founder of cryptocurrency exchange FTX Sam Bankman-Fried that went bankrupt, Solana fell below $10 for the first time in nearly two years yesterday. SOL is now down 96.3% from its all-time high of $259.96 last November.

Solana’s market capitalization is now $3.4 billion, making it the 20th largest crypto asset in the world.

On recent price action, the broader Solana ecosystem has lost 9.2% of its value in the past 24 hours, according to CoinGecko.

Among the hardest hit is Serum (SRM), the original token of the now-defunct Solana-based decentralized exchange (SRM).DEX), which fell 6.5% in the past day, trading below $0.13, and Raydium (RAY) stock fell 3.4% to the current value of $0.14.

After the collapse of FTX, Serum merged into a community-led project called Openbook, which continues to use the SRM token for convenience, with the largest trading volume — more than $1.2 million per day — occurring in binance.

Raydium is one of the largest decentralized finance in Solana (DeFi) and is considered one of the cornerstones of the Solana DeFi ecosystem. The protocol fell victim to a $2 million hack earlier this month and still appears to be struggling in the aftermath of the incident, with the total value of the protocol dropping to $28.16 million at press time, according to DeFi Llama.

SLND, the Solana-based lending and borrowing protocol token, is down 4.4% on the day and is currently trading at $0.33 per CoinGecko.

Elsewhere, the market is trading largely sideways, with Bitcoin (BTC) down 0.3% on the day, currently trading around $16,600.

Ethereum (ETH), the second largest cryptocurrency in the market, is up 0.3% and is trading just under $1,200.

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