Solana Plummets 95% Since Start of 2022, Drops Below $10 for First Time Since February 2021

A cryptocurrency that had been riding high in 2021, has experienced a dramatic downturn in the past few months. sam bankman-fried, the co-founder of ftx and alameda research, was an outspoken advocate of the coin, which peaked near $260 in november 2021. however, the coin has since lost nearly 97% of its value and fallen out of coingecko’s top 20 cryptocurrencies, with a market cap of just over $3 billion.

Slide began in november 2021 and has continued throughout 2022. the coin dropped as low as $8.17 per coin this afternoon, the lowest price seen since february 2021. solana has experienced multiple periods of network downtime in 2022, and its seven-day and two-week declines are nearly 32% and 41%, respectively. the creator of two of the most popular solana nft projects—degods and y00ts—said they will be bridged to ethereum and polygon, and solana-based tokens like serum (srm) and solend (slnd) are also down sharply today.

Downfall of ftx and alameda research in november 2021 caused the entire cryptocurrency market to take a hit, but solana was battered more significantly. solana slid below the $10 mark for the first time since february 2021 and is now down over 95% since the start of 2022. the cause of the sharp drop this afternoon is unclear, as there was no single apparent cause at present. despite the downturn, solana was still decrypt’s coin of the year in 2021 following a surge in value and chain activity.

By Evey Lovelace

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