Solana (SOL) Plummets 96% From All-Time High, Sam Bankman-Fried’s Projects to Bridge to Other Platforms in 2023

1: solana (sol) fell below the $10 mark early this morning, marking the first time it has done so in almost two years. the collapse of ftx and alameda research, founded by sam bankman-fried, jump-started solana’s accelerated bleeding. bitcoin and ethereum have dropped 76% from their respective all-time highs the same month.
paragraph 2: solana hit an all-time high of nearly $260 per coin in november 2021 and exploded in price, beginning a meteoric rise in value in february 2021. solana has shed nearly 96% of its value since its all-time high, with the coin’s price hovering around the $13 mark in the days leading up to ftx’s downfall. two of solana’s most popular and valuable nft projects, degods and y00ts, will be bridged to other platforms in early 2023.
paragraph 3: solana’s losses stabilized in early december, with the coin’s price hovering around the $13 mark. solana is down 8% today, 19% over the past week, and 29% over the past 30 days. bitcoin is up 1% over the past 30 days, while ethereum is down a fraction of a percentage point during the same span. sam bankman-fried was a vocal supporter of solana and had invested significantly in both sol and the solana ecosystem. degods will be bridged to ethereum and y00ts will be bridged to polygon, an ethereum scaling network, while the associated dust token will be bridged to both ethereum and polygon. the accelerated bleeding of solana is believed to have been caused by the collapse of ftx and alameda research.

By Evey Lovelace

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