The first victim of the FTX scandal: the Solana cryptocurrency collapsed

07.06.2023, 17:12
1187
Investing.com — Solana cryptocurrency became the first major victim of the sudden collapse of the Sam Bankman Fried FTX exchange last week, writes The Street.
The first victim of the FTX scandal: the Solana cryptocurrency collapsed

Solana is a token issued by the Solana blockchain that allows the development of decentralized finance or DeFi projects offering financial services such as loans, mortgages, financial products, etc.

According to CoinGecko, the token has lost 61.6% of its value over the past week.

After the collapse of the FTX crypto exchange on November 8, which filed for bankruptcy 3 days later due to lack of cash, the price of Solana (SOL) decreased by 51.5%, which means a loss of market value in the amount of $ 5.5 billion.

The price of Solana has now fallen by 95% compared to the historical high of November 6, 2021 of $259.96 and is trading around $14.12.

The collapse of FTX and the failure of this cryptocurrency affected the entire cryptocurrency market, which has lost 17.6%, or $188.4 billion, since November 7.

Bitcoin has fallen by 22.4% in a week. Ethereum is the second most valuable cryptocurrency by market value, it has fallen by 24.4% over the past week.

— The materials of The Street were used in the preparation

Read on the topic: The University of Hong Kong has launched a Master of Science course in the field of blockchain