Solana-Based Tokens Tumble as ‘Ethereum Killer’ Continues Slide

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Solana (SOL), the token powering the eponymous blockchain community, is down one other 6% on Thursday morning, presently buying and selling at $9.45, per CoinGecko.

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 worth motion, the broader Solana ecosystem additionally shed 9.2% of its worth over the previous 24 hours, in line with CoinGecko.

Among the many most affected is Serum (SRM), the native token of the now-defunct Solana-based decentralized alternate (DEX), 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 challenge 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—taking place on Binance.

Raydium is one in every of Solana’s largest decentralized finance (DeFi) protocols and is taken into account one of many cornerstones of the Solana DeFi ecosystem. The protocol fell sufferer to a $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 line with DeFi Llama.

SLND, the token underpinning Solana-based lending and borrowing protocol Solend, is down 4.4% over the day, presently 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, presently altering arms round $16,600.

Ethereum (ETH), the market’s second-largest cryptocurrency, is up 0.3%, buying and selling just under $1,200.

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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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