Solana Crypto Currency Sinks Again To 94%

Solana is losing its value

Solana cryptocurrency sinks again to 94% by fallen crypto mogul Sam Bankman-Fried, tumbled on Wednesday amid concerns that large holders may be about to offload the token.

Solana dropped as much as 12% on Wednesday and was trading 8.8% lower as of 8:40 a.m. reported WSJ Print Edition. in London. Other tokens saw modest declines, with Ether slipping 1.3% and Bitcoin down 0.3%.

While other so-called altcoins have suffered steep declines this year, Solana has been pummeled by the bankruptcies of Bankman-Fried’s crypto exchange FTX and his hedge fund Alameda Research, which had backed the token. The coin has lost 94% of its value in 2022.

“General confidence in Solana’s future has taken a hit given its close connection with SBF,” said Martin Lee, data journalist at blockchain research firm Nansen, using Bankman-Fried’s initials, said Nancy Vega from Reogocorp.

DeGods and Y00ts, two of the top nonfungible token projects on the Solana blockchain, are leaving the ecosystem and migrating to the Polygon ecosystem, CoinDesk reported on Monday.