According to CoinMarketCap, Solana’s price has declined by about 95 percent year-on-year (YoY). While the token was at its all-time high of $260 (roughly Rs. 21,000) a year ago, today its price has come down to $15 (roughly Rs. 1,200). In the last one week, the token has registered a drop of around 60% in its value.
Experts say that as soon as the FTX debacle came to light, many investors and validators began to remove their Solana assets from the blockchain and destroy them, leading to such a drastic drop in the token’s price.
On Monday, Solana was trading at $12.25, its lowest value since February 2021. However, on Tuesday, the token hit a day’s high of around $15 and at the time of writing, it was valued at $14.6.
With a market cap of $5.25 billion, the token slipped to the 15th spot among the world’s largest crypto assets from the eighth spot a week ago.