As soon as extremely praised by the disgraced founding father of the now-bankrupt crypto alternate FTX Sam Bankman-Fried, Solana fell below $10 for the primary time in practically two years on yesterday. SOL is now down 96.3% from the all-time excessive of $259.96 seen in November final yr.
Solana’s market capitalization now stands at $3.4 billion, which makes it the world’s twentieth largest crypto asset.
With the most recent value motion, the broader Solana ecosystem additionally shed 9.2% of its worth over the previous 24 hours, in accordance with CoinGecko.
Among the many most affected is Serum (SRM), the native token of the now-defunct Solana-based decentralized alternate (), which is down 6.5% over the previous day, buying and selling beneath $0.13, and Raydium (RAY) with a 3.4% drop to the present worth of $0.14.
Following the FTX collapse, Serum forked off right into a community-led mission known as Openbook, which continues to use the SRM token for simplicity, with most buying and selling quantity—over $1.2 million within the day—occurring on .
Raydium is considered one of Solana’s largest decentralized finance ($2 million hack earlier this month and seems to nonetheless be struggling within the incident’s aftermath, with the whole worth locked on the protocol plunging to $28.16 million by press time, in accordance with DeFi Llama.) protocols and is taken into account one of many cornerstones of the Solana DeFi ecosystem. The protocol fell sufferer to a
SLND, the token underpinning Solana-based lending and borrowing protocol Solend, is down 4.4% over the day, at the moment buying and selling at $0.33, per CoinGecko.
Elsewhere, the market is essentially buying and selling sideways, with Bitcoin (BTC) shedding 0.3% over the day, at the moment altering arms round $16,600.
Ethereum (ETH), the market’s second-largest cryptocurrency, is up 0.3%, buying and selling slightly below $1,200.
The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.
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