Investing.com – Cryptocurrency was the first major victim of the sudden crash of Sam Bankman’s Freed FTX exchange last week. writes The street.
Solana is a token issued by the Solana blockchain that enables the development of decentralized finance or DeFi projects that offer financial services such as loans, mortgages, financial products, etc.
According to CoinGecko, the token has lost 61.6% of its value in the last week.
After the collapse of FTX on November 8, which filed for bankruptcy 3 days later due to lack of liquidity, the price of Solana (SOL) fell by 51.5%, which meant a loss of $5.5 billion in market value.
Solana price is now down 95% from its Nov. 6, 2021 all-time high 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 7th.
it fell 22.4% in one week. the second-largest cryptocurrency by market value, is down 24.4% in the past week.
— Materials from The Street were used in the preparation
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