Solana Price Drops To Single Digits, Might Increase In 2023

Solana (SOL) is one of the top cryptocurrencies that has lost the most value in 2022. The price of Solana fell below the important $10 level, which makes it hard for the community to hope for a recovery. But this report shows Solana Blockchain where it can go after this mega crisis.

Recent Released: On-Chain Data Shows Solana’s Struggles, 25% Price Drop

Solana TVL – 97% less

Solana had a price of about $172 when the year 2022 began. At the same time, the price of SOL has dropped by more than 94% so far this year. At the time of this writing, the average price of SOL is $9.43. Its market capitalization has gone down and is now $3.4 billion.

The Solana network’s Total value locked (TVL) is down by 97%, according to the data. The recent collapse of SBF’s FTX and Alameda has pushed the token into the maximum turbulence zone. These two people have helped SOL the most. Arthur Hayes, who helped start the BitMEX cryptocurrency exchange, was quoted by Coingape as calling Solana a “Shitcoin.”

Solana went so far as to explain how it was affected by FTX. It said that there was $1 million in cash, 3.24 million FTX shares, and 3.42 FTT tokens. It also had 134.54 million SRM tokens that were stuck on the FTX token. On the other hand, Alameda Research was getting 50.5 million SOL.

What’s Next for Solana Blockchain?

Report said that Serum and Solana’s CLOB was an important step for the DeFi infrastructure. But the SRM DAO couldn’t change the Serum programme update key. This means that the hacker who stole money from FTX can update Serum in a malicious way.

Solana Rushed

In the meantime, the people of Solana rushed to help, and to fix the damage, they made Openbook dex. People say that OpenBook is a DAO and that all of its development comes from people who didn’t leave the network. But the DAO uses SRM tokens, and a new token may be made in the future.

Where will Solana go from here is the most important question?

According to reports, Firedancer, an independent validator for Solana Blockchain that was built on Jump, will scale throughput, sustainability, and efficiency.

Anatoly Yakovenko

At a recent event, Anatoly Yakovenko, co-founder of Solana Labs, showed off his Saga phone. Even though Openbook’s mission is to save Solana DeFi. But Aurory, a blockchain game project based in Solana, will make one of the first Web3 games that can be played on a mobile device.

Source: Google Trend

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