Solana (SOL), the speedy layer-1 blockchain, shed 11.1% and currently trades at $39.72, according to data from CoinMarketCap.
The ninth-largest cryptocurrency with a market capitalization of $13.5 billion is now down 84.7% from its all-time high of $260.06 recorded back in November 2021.
The long-term bearish action on SOL wiped out tens of billions of dollars of investor wealth over the past six months.
The asset's market capitalization hit an all-time high of $77.99 billion on November 6, 2021.
More Videos
0 seconds of 11 minutes, 21 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
Decrypt and Yahoo Finance present: Crypto Goes Mainstream, an afternoon of live conversations with some of the biggest names in crypto to talk investing, mass adoption, NFT collecting, and how to get started with Web 3. November 9, 2021 in Brooklyn.
The two primary reasons behind today's bearish price action revolve around the blockchain’s outage that happened yesterday and the plummeting demand for Solana-based non-fungible tokens (NFTs).
Yesterday, the blockchain battled through an outage for more than four and a half hours, according to Solana status. It was the first outage in the past month, with the previous outage occurring on May 1, 2022.
The blockchain has struggled to provide 100% uptime (a measure of availability) over the past 3 months.
Heatmap showing the availability of Solana blockchain. Source Solana Status.
The network faced its worst outage in January 2022, crashing the network every day for seven consecutive days.
“Cleared out all the bots” tweeted Anatoly Yakovenko, the co-founder of Solana after fixing the latest outage.
Amid the outage, interest in Solana NFTs also plummeted. Per data from Cryptoslam, the overall NFT sales on Solana dropped by 61.30% to $1.72 million.
Okay Bears, the Bored Ape Yacht Club-like NFT collection on Solana showed decreased user interest, with the 24-hour trading volume dropping by 43.40%, according to data from OpenSea.
Trading volumes of other popular NFT collections on Solana including Trippin’ Ape Tribe, DeGods, and FatCats Capital also dropped at least 40% over the same period of time.
As for the leading cryptocurrencies, Bitcoin is down 4.87% in the last day and is trading hands at around $29,968. Ethereum is trading at $1,826, a drop of over 5.5% over the past 24 hours.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Chris Torres, the creator of the iconic internet meme Nyan Cat, is apprehensive about getting involved in the world of meme coins, despite issuing a number of NFT collections in the past.
The artist told Decrypt it’s because he views meme coins as the “wild west.”
Still, Torres has claimed more than $700,000 in fees from the Bags token launchpad. It allows anyone to launch a token on the platform and assign royalties to a user on X. The platform has housed countless tokens sending royalties to T...
XRP and Dogecoin led altcoins higher on Friday as Bitcoin’s dominance fell to a 12-day low.
The Ripple-linked token was recently changing hands around $3.29, a 7.5% jump over the past day, according to crypto data provider CoinGecko. Dogecoin meanwhile jumped 6.2% to $0.22, while Ethereum’s price eclipsed the $4,000 mark for the first time since December.
Bitcoin’s market cap accounted for 57.8% of the crypto market on Friday, down from 61.3% a week ago, according to CoinGecko. Within the past t...
In the wake of the U.S. Securities and Exchange Commission formally closing its legal dispute against Ripple Labs Inc., the XRP Army believes it is confirmation that the group is on the “right side of history”—a mantra that’s been repeated among the community since 2020.
It stems from a blog post from Ripple CEO Brad Garlinghouse, who said at the time: “We are not only on the right side of the law, but we will be on the right side of history.”
The SEC alleged that Ripple had participated in a $1...
