Solana drops another 16% and drops out of the top twenty

Briefly

  • Solana lost 16% of its value in the last 24 hours, continuing its recent losing streak and losing out of the top 20 coins by market cap.
  • The price of SOL has not been this low since February 2021. It has lost 97% of its value since it peaked in November 2021.

SolanaFortunes are getting worse, as the currency is in a layer 1 blockchain platform and so-called “Ethereum killer” by another 17% today, continuing recent declines. In the process, the coin has fallen out of the top 20 cryptocurrencies ranked by market capitalization, according to data from Queen Gekko.

SOL fell to $8.17 per coin this afternoon, the lowest price since February 2021. On Wednesday, it fell below $10 for the first time since that month — but the price has fallen further in the past 24 hours.

Even at the slightly recovered price at $8.30 as of this writing, SOL is now down 16% over the past 24 hours. This brings the seven-day decline to nearly 32% and the two-week decline to 41%.

Overall, Solana has lost nearly 97% of its value since peaking near $260 in November 2021, and the coin is down 95% since the beginning of 2022.

Due to the price drop, Solana has fallen out of CoinGecko’s top 20 cryptocurrency, with its market capitalization dropping to just over $3 billion in total. As of this writing, Solana is ranked 22nd on the platform’s market tracker.

Until recently, Solana was ranked in the top 10 and its market capitalization peaked above $76 billion in November 2021. It is the only coin among the top 100 that saw a loss of double today.

Solana fell sharply this afternoon, losing more than a dollar for no apparent reason at this time. But the cryptocurrency that once soared – which Decode it’s called Currency of the year 2021 After ramping up value chain and value chain activity – faced a number of challenges this year.

It was the most urgent, of course The Case of FTX and Alameda Research. Both companies It has invested a lot in the SOL and Solana ecosystemAnd the Sam Bankman FriedHe was one of the founders of the two well-known companies An outspoken defender of Solana.

When FTX crashed in November, the entire cryptocurrency market took a hit – and so did Solana Significantly hit more than other major currencieswhich lost much more value as the close association with Bankman-Fried and his company seemed to take its toll on Solana.

The blockchain platform also faced technical challenges in 2022, with Several periods of network outages. And just this week, he created two of Solana’s most famous hits NFT Project-Gods And the y00 w– They said they would A bridge to Ethereum and Polygonrespectively, in part due to feeling constrained by the shrinking Solana ecosystem.

Solana-based tokens such as Serum (SRM) and Solend (SLND) are Also down sharply today.

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