While most major cryptocurrencies declined in Tuesday morning trading, Solana (SOL-USD) tokens rose 7.3% after dropping over 90% in 2022 given its tight ties to disgraced FTX (FTT-USD) founder Sam Bankman-Fried.
One of the most severely affected cryptocurrencies following the downfall from crypto exchange FTX, the alt-coin was trading at $11.87 at 8:24 a.m. ET, up from $11.28 at the beginning of 2023 but down from its all-time high of $258.63 in November 2021. Data from CoinMarketCap show that its market cap has decreased to $4.37B from $51.96B a year ago.
Bitcoin (BTC-USD) and Ethereum (ETH-USD), the two most valuable currencies by market capitalization, were trading in a range. In a second day of low volume, the total market cap of cryptocurrencies increased by just 0.12% to $807.7B.
Contributor to Seeking Alpha Mike Fay observed in November that Solana’s price decline was not just caused by FTX contagion but also by the network’s subpar TVL metrics and a dearth of NFT purchasers.
Solana (SOL) price has increased today.
Solana price today is $13.12 with a 24-hour trading volume of $1,113,424,009. SOL price is up 17.7% in the last 24 hours. It has a circulating supply of 370 Million SOL coins and a total supply of 537634928.013183. If you are looking to buy or sell Solana, Binance US is currently the most active exchange.
What Is Special About Solana?
A general-purpose blockchain like Ethereum is called Solana. Rust is used by developers to write applications instead of Solidity or Vyper since it has a different technical foundation. The Solana ecosystem contains end-user applications for decentralized finance (DeFi), non-fungible tokens (NFT), markets, games, e-commerce, and more. Its scalability, which Solana claims can handle over 700,000 transactions per second, is one of its most attractive qualities to high-frequency traders.