Solana cryptocurrency collapses in FTX scandal

Solana, until recently considered one of the cryptocurrencies with a promising future, is in the process of complete collapse.

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

Solana’s collapse was due to the November 8 implosion of cryptocurrency exchange FTX, which filed for Chapter 11 bankruptcy three days later due to a financial crisis.

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