On Thursday, the native cryptocurrency of the Solana blockchain network, SOL, reached its lowest valuation in over two years. The value of SOL dropped under the $10 threshold for the initial time since February 2021 on Thursday, and traded at $8.88, reflecting a daily decline of 10.4%, after a decline of 12.0% on Wednesday.
After dropping 56.6% of its price in November, the crypto token has dropped 37.5% so far in December and reflects a whopping 95% from its January peak of $179.44. While certain crypto advocates argue that defunct FTX CEO Sam Bankman-Fried, who was a significant proponent of the Solana blockchain, is responsible for the latest sell-off, several blockchain viewers believe that FTX-affiliated Alameda Research’s wallets have turned effective once more, selling SOL in order to purchase Bitcoin and Ethereum.
Bankman-Fried, who confronts eight federal accusations from US authorities in relation to the downfall of FTX, was freed on $250 million bond past week, and his following court appearance is scheduled for January 3. Once a top-five cryptocurrency, SOL is currently rated nineteenth due to internal concerns.
Solana’s two largest non-fungible token initiatives, DeGods, and y00ts, have announced their departure from the blockchain for Ethereum and Polygon. Earlier in November, Raydium, an on-chain trade book automated market maker and a crucial component of Solana’s decentralized finances, was also compromised.
