Cryptocurrency

Cryptocurrency Solana Collapses in FTX Scandal

Solana, considered, until recently, to be one of the cryptocurrencies with a promising future, is in the process of completely collapsing.

The token lost 61.6% of its value in the last seven days, according to data firm CoinGecko. Solana (SOL) prices are now down 95% from their all-time high of Nov. 6, 2021. Solana is currently trading around $14.12 from $259.96 in November 2021.

Solana’s collapse is due to the Nov. 8 implosion of cryptocurrency exchange FTX, which filed for Chapter 11 bankruptcy three days later due to a cash crunch.

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