Once highly praised by the disgraced founder of the now-bankrupt crypto exchange FTX Sam Bankman-Fried, Solana fell below $10 for the first time in nearly two years on yesterday. SOL is now down 96.3% from the all-time high of $259.96 seen in November last year.
Solana’s market capitalization now stands at $3.4 billion, which makes it the world’s 20th largest crypto asset.
With the latest price action, the broader Solana ecosystem also shed 9.2% of its value over the past 24 hours, according to CoinGecko.
Among the most affected is Serum (SRM), the native token of the now-defunct Solana-based decentralized exchange (), which is down 6.5% over the past day, trading below $0.13, and Raydium (RAY) with a 3.4% drop to the current value of $0.14.
Following the FTX collapse, Serum forked off into a community-led project called Openbook, which continues to use the SRM token for simplicity, with most trading volume—over $1.2 million in the day—happening on .
Raydium is one of Solana’s largest decentralized finance ($2 million hack earlier this month and appears to still be struggling in the incident’s aftermath, with the total value locked on the protocol plunging to $28.16 million by press time, according to DeFi Llama.) protocols and is considered one of the cornerstones of the Solana DeFi ecosystem. The protocol fell victim to a
SLND, the token underpinning Solana-based lending and borrowing protocol Solend, is down 4.4% over the day, currently trading at $0.33, per CoinGecko.
Elsewhere, the market is largely trading sideways, with Bitcoin (BTC) shedding 0.3% over the day, currently changing hands around $16,600.
Ethereum (ETH), the market’s second-largest cryptocurrency, is up 0.3%, trading just below $1,200.
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