Solana Price Drops Amid Sam Bankman-Fried’s FTX Scandal

Solana Price Drops Amid Sam Bankman-Fried’s FTX Scandal
  • The total Solana liquidated recorded $12.45 million in the last 24 hours.
  • Solana (SOL) is down by 93% from its all-time high.

The current scandal over Sam Bankman Fried’s crypto exchange FTX and his trading company Alameda Research resulted in a significant loss on Solana’s SOL token. The worst-case scenario is SBF’s Alameda Research holding a significant amount of Solana tokens. 

The so-called Ethereum killer Solana (SOL) which supports the rapid layer-1 blockchain has fallen to double digits despite the news that Google Cloud would run a Solana validator. SOL decreased from $36.29 to $31.02 in the early hours of Monday. At the time of writing, Solana traded at $16.80 declined by more than 40% in the last 24 hours, as per Coingecko. Also, Solana’s market cap shrunk by over 38% in the past day. 

Solana (SOL) price chart (Source: Tradingview)

As a result of today’s bearish price movement led by Sam Bankman-Fried’s FTX insolvency, Solana lost all of its weekly gains, falling around 47% for the week. And SOL was down by approximately 48% in the preceding month. In addition, Solana is still down by 93% from its all-time high of $259.96 which has recorded on November 2021. Further, Solana liquidated around $12.45 million in the last 24 hours. 

Bear Runs in the Crypto Market

The month of November started with some positive movement and the global crypto market cap recaptured the $1 trillion range. But today the overall cryptocurrency market cap decreased by 10% to $878 billion.

The largest cryptocurrency, Bitcoin (BTC) down by 10% to $17,838. Also, the prominent altcoin Ethereum (ETH) shrunk by around 17% to $1,231 in the last 24 hours. Additionally, Dogecoin (DOGE) which has been the most talkative coin in the crypto community dropped by 13%, and Polygon (MATIC) declined by 18%. 

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.