Now: Solana is worth less than $10
A year ago: but why did it use to be worth $250?

Solana, or SOL, is the token behind the upstart Solana blockchain, which supports smart contracts, including non-fungible tokens, and has emerged as a rival to the ethereum blockchain.

In brief
+ Solana was once considered an ‘Ethereum-killer’ for its instantaneous transactions and lower gas fees
– Solana (SOL) fell below $10 early this morning for the first time since February 2021.

Solana cyrptocurrency

The price of Solana, a cryptocurrency token that had been lauded by FTX founder Sam Bankman-Fried, fell 10.36% on Wednesday, and is down 94.2% so far in 2022.

Bankman-Fried, who is expected to enter a plea next week to criminal charges he defrauded investors and looted billions of dollars in customer funds at FTX, frequently praised Solana. FTX and Alameda, Bankman-Fried’s trading firm, held Solana tokens on their balance sheets.

While Solana has no direct relation to FTX, and had limited exposure to the failed exchange, its association with Bankman-Fried has been a drag.

Solana (SOL) hit a recent low of $9.90 early on Wednesday, per data from CoinGecko, although it has rebounded slightly to an even $10 as of this writing. The last time that Solana traded for less than $10 was in February 2021, just as the cryptocurrency was beginning its ascent.

Six months ago, Solana exploded in price and began a meteoric rise in value that would top out at nearly $260 per coin in November 2021. Since then, Solana has shed nearly 96% of its value, compared to a 76% drop for Bitcoin and Ethereum from their respective all-time highs the same month.

Leading NFT projects seek a departure from Solana

> The foundation, from the beginning, has lied under various circumstances.

> Even major projects and developers are thinking of abandoning the Solana blockchain. For example, DeGods and y00ts, two of the biggest NFT collections on Solana, have sought a departure from the ecosystem.

> DeGods will be bridged to Ethereum, letting users transfer their assets to the leading platform for NFTs and decentralized apps (dapps). Meanwhile, y00ts will be bridged to Polygon, an Ethereum scaling network, thanks in part to a grant from Polygon Studios to make the move. Furthermore, the associated DUST token will be bridged to both Ethereum and Polygon.

The price of Serum, or SRM, the token for the decentralized exchange of the same name created by Bankman-Fried on the Solana blockchain, is down 80.5% since Nov. 2, trading at just over 14 cents, according to coinmarketcap.com.

A representative for Solana was not immediately available for comment.