The Market Effect of the Solana Fall
The price of Solana’s cryptocurrency fell another 6% on Thursday, dragging down the rest of the ecosystem.
SOL, the token that powers the blockchain network, fell another 6% on Thursday morning, now trading at $9.45, per CoinGecko. In a moment highly praised by the disgraced founder of the FTX crypto exchange Sam Bankman-Fried, Solana fell below $10 for the first time in almost a year two yesterday. SOL is now 96.3% from the all-time high of $259.96 seen in November last year. Solana’s current market cap is $3.4 billion, making it the 20th largest crypto asset in the world.
Along with the latest price trend, the planet Solana also lost 9.2% of its value in the last 24 hours, according to CoinGecko. One of the hardest hit was Serum (SRM), Solana’s now defunct trading symbol (DEX), which was down 6.5% in the previous day, trading below $0.13, and Raydium (RAY) has fallen 3.4% and is currently at $0.14.
After the failure of FTX, Serum started a community project called Openbook, which continues to use the SRM token for convenience, and large volumes of transactions (more than $1.2 per day) are made on Binance. Raydium is one of Solana’s decentralized finance (DeFi) systems and is considered one of the cornerstones of the Solana DeFi ecosystem.
The system was the victim of a $2 million hack earlier this month and is still struggling after the incident, the cost of locking in the protocol is down to $28.16 million at that time. of press, as DeFi Llama.SLND, a token under Solana based on Solend’s lending and borrowing system, is down 4.4% on the day, and is currently trading at $0.33, per CoinGecko. Elsewhere, the market is trading sideways, with Bitcoin (BTC) losing 0.3% on the day, now changing hands around $16,600.
Ethereum (ETH), the second largest cryptocurrency in the market, is up 0.3%, trading below $1,200.
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