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HomeNewsBusinessIn a protracted decline, Solana's market cap falls below Litecoin

In a protracted decline, Solana’s market cap falls below Litecoin

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News Tech: According to Coingecko, the market cap of the well-known proof-of-stake blockchain Solana has fallen below that of the pioneering proof-of-work blockchain Litecoin.

Developers can construct non-fungible tokens, often known as NFTs, and decentralised applications (dapps) on the Solana layer-1 proof-of-stake blockchain.

Solana’s SOL token, once known as the “Ethereum Killer,” started trading in 2022 at $178.89, with a market value of $55.09 billion in January 2022. Then came “crypto winter,” which included the aftermath from the bankruptcy of cryptocurrency exchange FTX and the merge that caused Ethereum, the previously proof-of-work blockchain, to transition to proof-of-stake. Currently, SOL is down 94.9% for the year, trading at $11.91 with a $4.32 billion market value.

In contrast, Litecoin started trading in 2022 at $151.09 and had a market capitalization of $10.47 billion. On November 22, 2022, Litecoin is trading at $69.36 with a $4.97 billion market value, a decline of 69.1%.

Sam Bankman-Fried, the founder of FTX and previous CEO, and Solana have a long history of working together. In fact, FTX took part in a $314 million fundraising effort by Solana Labs through Alameda Research.

Despite the current crisis, the Solana community continues to support the token and blockchain that are under attack. Federa praised the “very strong” community commitment, saying it was enjoyable to observe. On November 9, 2022, Solana co-founder Anatoly Yakovenko tweeted, “We launched in 2020 after markets crashed and the world went into lockdown—chewing glass is in our DNA, and we’ll get through together.

A tweet from the erstwhile millionaire has come back to haunt Bankman-Fried in a case of “not ageing well.” He promised to acquire the entire SOL stake of a shareholder in January 2021, when Solana was trading at $3 per coin. “Sell me anything you like. After that, screw off “said he. That investor, known on Twitter as @CoinMamba, had the last laugh nearly two years later, with FTX token FTT trading at $1.30 as of this writing.

See also  Even Licensed Crypto Exchanges Can Fail, Singapore Regulator Explains Procedure Against Binance Vs. FTX

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