Solana plummets below $10 in an almost two-year low
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Currently trading at $9.73, Solana dropped 12% in the last 24 hours, the first time below $10 since February 2021.
The top Solana NFT collections DeGods and y00ts are bridging to other blockchains.
Solana fell below $10 on Wednesday for the first time since February 2021. Within a year, the cryptocurrency had fallen by 94%. In comparison, over the same period of time, the decline from the peaks for Bitcoin was 74.5%, and for Ethereum, 74.6%.
Solana’s current price is $9.73, a nearly 20% decrease in seven days and a 12% drop in 24 hours. No other most-valued cryptocurrency fell as much at the same time.
There have been concerns that large holders are about to dump the token, which for a long time was backed by Sam Bankman-Fried. Some could argue that the price of SOL from 2020 to 2021 was, to some extent, driven by Bankman-Fried’s market advocacy. SBF had once invested significant amounts into the cryptocurrency and its ecosystem. After the crypto exchange FTX and the hedge fund Alameda Research went bankrupt, Solana was among the cryptocurrencies that fell the hardest.
The cryptocurrency reached its highest point of $250 in November 2021. According to Coin Market Cap, from the fifth position as the most valuable cryptocurrency, the SOL token has now dropped to the 17th position.
The recent viral news of the two leading Solana NFT collections, DeGods and y00ts, migrating to Ethereum and Polygon blockchains while leaving Solana behind has strongly impacted the cryptocurrency’s price drop.
Solana’s NFT marketplace Magic Eden and self-custody wallet Phantom have both expanded into other blockchain networks. After Aptos blockchain launched its NFT marketplace Topaz in October, many users have speculated that the network would replace Solana for digital collectibles.
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