Solana, a poster coin of the crypto future, is in trouble.
The cryptocurrency, which had been lauded by FTX's founder Sam Bankman-Fried, has been hit harder than any other major coin by theThe Solana token, or SOL , has dropped 53.8% since the furor began unfolding on Nov. 2. By comparison, ether has fallen about 20% and bitcoin 19%.
FTX and Alameda Research didn't respond to requests for comment. Solana co-founder Anatoly Yakovenko tweeted that development company Solana Labs didn't hold any assets on FTX and had enough financial runway for around 30 months. Another co-founder, Raj Gokal, said this was a "crucible" moment for the ecosystem, adding "each time, we're stronger".
SOL's market capitalization has shrunk about 55% since Nov. 2, from $11.6 billion to $5.1 billion, according to data from CoinGecko. Ether's market cap has fallen 21% to $150.7 billion, while bitcoin's has fallen 18% to $319 billion.The FTX saga began unfolding in early November when news website CoinDesk reported a leaked balance sheet that showed Alameda Research was heavily dependent on FTX's native token, FTT. Reuters was unable to verify the report.
Yet even amidst the blood-letting, there was some unexpected stability from stablecoins, which are pegged to the value of mainstream assets such as the U.S. dollar in an effort to reduce tame crypto volatility.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on ExchangeThe Solana Foundation has tens of millions of dollars in cryptocurrencies stranded on FTX – as well as 3.24 million common stock shares in the bankrupt crypto exchange. realDannyNelson reports
Consulte Mais informação »
Solana DeFi Sees Almost $700M in Value Wiped Out on FTX FalloutThe downfall of prominent solana backer SBF_FTX has affected sentiment, leading to a vast erosion of value from Solana's DeFi applications. By shauryamalwa
Consulte Mais informação »
FTX Founder Secretly Moved Funds Through Backdoor: FTX InsiderFTX insider has reportedly stated that recent FTX 'hack' was illegal withdrawal of funds from FTX to Alameda Research
Consulte Mais informação »