Solana Price Plunges As Interest For SOL NFTs Plummet!
Solana price plunges as interest for SOL NFTs plummet!
Despite many exciting announcements in the Solana space, the token has been seeing its price slow and fall, becoming one of the biggest losers among cryptocurrencies within the last 24 hours.
Solana’s Plunge
According to data from CoinGecko, Solana has seen its price fall by 12% within the past 24 hours, going from a price of around $35.77 on Monday to now trading at around $27.68. The cryptocurrency is also considerably low, down 87.8% from its all time high price of $259.96 recorded just last year.
$SOL down 30% in 2 days nice
— Anglio.S🟠L (33.3%) (@CryptoAnglio) November 7, 2022
Related: Beeple to Debut The Immersive 3D NFTs to Solana In Partnership with Metaplex
SOL now has a market cap of just $11.29 billion, causing it to become the 10th largest cryptocurrency and losing its place against popular memecoin Dogecoin.
Cause Of Fall
There could be a number of reasons for Solana’s recent fall in prices, one of which could be due to its entanglement with drama surrounding Sam Bankman-Fried’s FTX exchange and his trading firm, Alameda Research.
Another reason why Solana seems to have plunged by quite a lot this past week may also be due to the current bearishness surrounding Solana NFTs.
According to data by Nansen, the number of ‘returning’ buyers for Solana-based NFTs have been plunging incredibly low in recent months, indicating that investors interest towards Solana NFTs have been slowing significantly.
Aside from that, despite traction for Solana based NFTs having hit an all time high of 650,000 back in September, this number has since plunged by quite a lot, with the network processing roughly 160,000 NFT transactions on November 7th.
Related: Here’s What OpenSea’s New Creator Royalties Could Mean!
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