Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project – Market Updates Bitcoin News

Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project

Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX’s fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date, it’s down 94.9% since the all-time high solana reached on Nov. 6, 2021.

Solana’s Prior Relationship With FTX, Alameda Continues to Hurt the Project, Solana-Based Exchange Raydium Exploited for $2 Million Since the collapse of FTX, the crypto asset solana has taken a beating and the digital asset that was once a top ten contender is now close to being pushed out of the top 20 standings in terms of market capitalization. The reason the Solana project has been hit so badly compared to other crypto assets in the space is because of the project’s deep relationship with FTX and Alameda Research.

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Source: CoinDesk - 🏆 291. / 63 Read more »