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FTX Collapse Wipes Out $8B of SOL Market Cap, Price Dips by 62%

Early this month, SOL ranked the 9th largest crypto with a market cap of over $13.5.It currently trades at $14.20 after losing over 50% of its value in the past weeks.Blockchain...
FTX Collapse Wipes Out $8B of SOL Market Cap, Price Dips by 62% FTX Collapse Wipes Out $8B of SOL Market Cap, Price Dips by 62%
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  • Early this month, SOL ranked the 9th largest crypto with a market cap of over $13.5.
  • It currently trades at $14.20 after losing over 50% of its value in the past weeks.
  • Blockchain wallet CEO said SOL is the most unfortunate victim of the current crypto industry collapse.

Since the news of FTX’s impending collapse broke, Solana (SOL) had been in trouble. On November 5, SOL still ranked the 9th largest cryptocurrency, with a market cap of over $13.5 billion, while it traded above $37.5. However, the coin has dropped even below the rank of the Shiba Inu meme coin.

SOL currently trades at $14.20, having lost over 50% of its value in the past weeks due to the FTX issues, putting its market cap around $5 billion. Stefan Rust, CEO of blockchain wallet company Laguna Labs, said:

In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem.

Rust and several other crypto investors agreed that FTX and its subsidiary company Alameda Research likely sold a significant chunk of the SOL coin to stabilize their native token, FTT. However, the strategy failed as FTX’s token has lost over 100% of its value since last week. FTT dropped from one of the top 50 cryptocurrencies to number 209, trading below $2 from $21.

Previously, Solana raised about $300 million in a private Initial Coin Offering (ICO) from several private investment companies, including Alameda Research. In return for participating in the fundraising round, Alameda earned a stake in a segment of SOL.

According to a chart posted by a crypto enthusiast, the bankrupt FTX connects to more than 70 other Web3 businesses.

Following the collapse of FTX, the CEO of Binance, Changpeng Zhao (CZ), has advised crypto asset managers to be risk-averse and avoid trading with customers’ funds.

The post FTX Collapse Wipes Out $8B of SOL Market Cap, Price Dips by 62% appeared first on Coin Edition.

See original on CoinEdition

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

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Moving Avg:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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17,763.03

+16.12 (+0.09%)

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1,973.05

-42.98 (-2.13%)

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49.155

+0.100 (+0.20%)

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27.35

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266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

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Siemens AG Class N

175.90

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15.010

-0.094 (-0.62%)

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Neutral

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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