The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $16,916.40 and BTC market dominance is %. The price of Ethereum is $1,277.39 and ETH market dominance is %. The best performing cryptoasset sector is Agriculture, which gained 44%.
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According to CryptoSlate data, SOL was one of the worst-performing digital assets in the last 30 days.
Cover art/illustration via CryptoSlate
Solana has been on a downtrend since the collapse of FTX, as investors have been selling their SOL holdings due to its connection with the Sam Bankman-Fried crypto empire.
According to CryptoSlate data, SOL was one of the worst-performing digital assets in the last 30 days. The digital asset is down over 55% and trading at $13.85 as of press time.
Solana started the month strong, surging to above $35 on Nov. 5, but things took a turn for the worse when reports of FTX’s insolvency emerged. The blockchain network’s value was negatively impacted when Binance revealed intentions of acquiring FTX.
Markets analysts had speculated that Binance could prioritize its tokens, which pushed SOL’s value further down. But the Changpeng Zhao-led exchange eventually walked out of the deal.
During this chaos, Solana crashed to as low as $11.01.
Solana’s thriving decentralized finance (DeFi) ecosystem was also hit by the FUD surrounding the network. According to DeFillama data, the total value locked (TVL) on the ecosystem crashed by as much as 70% over the last 30 days.
TVL fell to just above $300 million as of press time, compared to $962.31 million at the start of November and almost $9 billion at the start of December 2021.
Leading Solana-based protocols like Solend, Raydium, Orca, and Marinade Finance all say TVL drop by over 60%. Serum, a DEX-linked to Sam Bankman-Fried, declared itself “defunct” and is dependent on a community effort to fork the protocol.
Meanwhile, Solana’s NFT market has continued steady growth.
In November, Solana DeFi TVL fell by 70%, but Solana NFT data is still growing, with an average transaction volume increasing by 67.7%; the blue chip index increased by 28.9% to 82.109. Solana still has considerable NFT projects, players, and communities. https://t.co/4ua9loNzrO
— Wu Blockchain (@WuBlockchain) December 1, 2022
Wu Blockchain reported that the average transaction volume for Solana NFTs was up 67.7%. He added that the blue-chip index increased by 28.9% to reach 82.109 SOL.
DappRadar data showed that some top Solana NFT collections, like y00ts and DeGods, saw massive sales in the past 30 days. According to the data aggregator, y00ts’ sales increased by 528.82% to 7,942, and DeGods recorded a 324.12% increase in sales.
Solana NFTs trading volume also increased 141% on OpenSea to $255 million and 62% on Magic Eden to $94.48 million.
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Solana is a single-chain, delegated-proof-of-stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Learn more
Serum claims to be the world’s first completely decentralized derivatives exchange with trustless cross-chain trading brought to you by Project Serum, in collaboration with a consortium of crypto trading and DeFi experts.. Learn More
Sam Bankman-Fried is the former CEO, and co-founder of crypto derivatives exchange FTX and Alameda Research. Learn More
Changpeng Zhao is a Chinese-Canadian business executive, who is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, as of April 2018. Learn More
FTX is a cryptocurrency derivatives exchange built by traders, for traders. Learn More
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Learn More
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