Solana Price Drops Amid Sam Bankman-Fried’s FTX Scandal

• The total Solana liquidated recorded $12.45 million in the last 24 hours.
• Solana (SOL) is down by 93% from its all-time high.

The current scandal over Sam Bankman Fried’s crypto exchange FTX and his trading company Alameda Research resulted in a huge loss on Solana’s SOL token. The worst-case scenario is SBF’s Alameda Research holdings a significant amount of Solana ecosystem tokens. 

The so-called Ethereum killer Solana (SOL) which supports the rapid layer-1 blockchain has fallen double digits despite news that Google Cloud would start running a Solana validator. SOL decreased from $36.29 to $31.02 in the early hours of Monday. And at the time of writing, Solana traded at $16.80, the price declined by more than 40% in the last 24 hours, as per Coingecko. Also, Solana’s market cap shrink by over 38% in the day.

As a result of today’s bearish price movement, Solana lost all of its weekly gains, falling around 47% for the week. And SOL was down by approximately 48% in the preceding month. In addition, Solana is still down by 93% from its all-time high of $259.96 which has recorded on November 2021. Further, Solana liquidated $12.45 million in the last 24 hours. 

Again Bear Run on the Whole Crypto Market

The month of November starts with some positive movement and the global crypto market cap recaptured the $1 trillion range. But today the overall cryptocurrency market cap decreased by 10% to $878 billion.

The largest cryptocurrency Bitcoin (BTC) down by 10% to $17,838 and the prominent altcoin Ethereum (ETH) shrink by around 17% to $1,231 in the last 24 hours. Additionally, Dogecoin (DOGE) which was been most talkative coin in the crypto community dropped by 13%, and Polygon (MATIC) declined by 18%.