Until recently, the price of Solana, which was considered one of the promising cryptocurrencies is collapsing. Following FTT, a coin issued by FTX, which filed for bankruptcy on the 11th, the price of Solana is also plummeting.
As of 6 a.m. on the 14th, Solana recorded $13.64 on CoinMarketCap, a global coin market broadcasting site, down 8.73% from 24 hours ago.
As a result, Solana’s price has plunged 62 percent over the past seven days. This is a much larger drop than other cryptocurrencies. During the same period, Bitcoin, the No. 1 market capitalization, plunged 22.4% and Ethereum, the No. 2 market capitalization, plunged 24.4%.
In particular, Solana prices plunged by 95% from an all-time high ($259) on November 6, 2021.
The reason why Solana prices are collapsing is because of FTX, which filed for bankruptcy protection on the 11th. Solana has a deep connection with FTX founder Sam Bankman Fried. Solana is a representative coin that not only FTX but also Alameda Research, an affiliate, expressed support.
Since the FTX crisis occurred due to the plunge of Solana and others, a market capitalization of $188.4 billion (about 17% of the total market capitalization) has evaporated in the entire cryptocurrency market.
Solana is a coin issued by Solana Blockchain that allows the development of distributed financial projects (businesses) that provide financial services such as mortgages and financial products, and currently ranks 14th in market capitalization. Solana was once a promising coin in the top 10 market cap.