FTX really damaged the blockchain more than the slowdowns ever could
- Solana’s market cap falls below Litecoin’s, 94.9% drop for the year
• The decline is due in part to the collapse of FTX
• The Solana Foundation had less than $1 million on FTX at the time of its collapse
• The Solana community remains resilient despite the current downturn
Solana has seen better days
The cryptocurrency market has seen better days. Total market capitalization is down 94.9% from this time last year, and most altcoins have lost a significant portion of their value. Among the biggest losers is Solana, which is down 95% from its peak price. So, what does the future hold for Solana? Can the project recover from such a devastating setback?
The Current State of the Market
The current state of the cryptocurrency market is a far cry from where it was this time last year. The total market cap has fallen by 94.9%, and most altcoins have seen significant declines in value.One of the biggest casualties of the downturn has been Solana. At its peak, Solana’s market cap was more than $200 million. Today, it sits at just $4 million — a decrease of more than 95%.
The collapse of FTX has been a major contributor to Solana’s decline. FTX was one of the largest exchanges for Solana tokens, and when it went offline in early October, Solana’s price took a nosedive.
Solana on FTX
The Solana Foundation had less than $1 million on FTX at the time of its collapse, and most of that has now been lost. This has put the future of the project in doubt, and many investors are wondering if Solana can recover from such a devastating blow.
Despite the current downturn, the Solana community remains resilient. The team is hard at work building the protocol, and there is still plenty of interest in what they are doing. If you’re bullish on Solana’s long-term prospects, now may be a good time to buy in at these low prices. The team has demonstrated its ability to deliver on its promises, and I believe it will be successful in bringing its protocol to market.
In a bit of comedy to the situation, it would seem one familiar tweet did not age too well, irony has played a good hand in the situation as a former tweet from Sam Bankman-Fried towards a Twitter user Coinmamba seems to have given Coinmamba the last laugh.