- Solana, up to now yr, has seen over $40 billion worn out of its market cap.
- The alt has rallied by nearly 60% up to now few days, however not sufficient to stem its bleeding market cap.
Solana’s [SOL] group has gone “BONKers” for the reason that launch of its very personal dog-themed cryptocurrency token. Because of this, its social mentions have flared, which has given some holders the hope that it might assist begin a rally for SOL. Regardless of the continued pleasure, how a lot worth has been misplaced since SOL’s downward pattern started?
Learn Solana’s [SOL] Value Prediction 2023-24
Solana market cap nose-dives
In keeping with data obtained by CoinMarketCap, the downward pattern in pricing had successfully wiped off greater than $47 billion value of the cryptocurrency’s market cap over the previous yr.
After the collapse of FTX and the disclosure of the amount held by the now-defunct Alameda, Solana’s downward pattern turned much more pronounced. As some extent of reference, Solana’s market cap was roughly $52 billion in the beginning of 2022, however it has since decreased to over $4.5 billion as of this writing.
Within the early phases of its growth, Solana was hailed as a possible rival to Ethereum [ETH], and comparisons had been drawn between the transaction per second (TPS) price of the 2.
Nonetheless, a better examination of the market capitalization of each networks revealed how a lot additional aside they’ve grow to be, significantly contemplating the present bear market.
In keeping with info obtained from CoinMarketCap, Solana’s market cap was $52.6 billion a yr in the past. Since then, it has shrunk 11 instances to its press time worth of $4.7 billion. In comparison, Ethereum’s market cap decreased by solely 3 times over the identical timeframe, which meant that Solana’s market cap was now solely 3.1% of Ethereum’s $148 billion market dimension.
Value rallies, however it isn’t sufficient
Utilizing the worth vary device, it was potential to find, on a day by day timeframe, that SOL had misplaced nearly 77% of its worth – which is equal to over $27 – between November 2022 and 29 December 2023. SOL confirmed a lack of over 1% all through the monitored buying and selling interval and was buying and selling at roughly $13.2 on the time of this writing.
Alternatively, the beginning of a brand new yr introduced success within the type of a achieve of virtually sixty p.c from the bottom level it had reached within the earlier yr.
Are your holdings flashing inexperienced? Test the SOL Revenue Calculator
Excessive hopes with BONK?
When FTX failed, it was a significant setback for Solana, and the community has been combating an uphill battle ever since. Though the BONK token might have injected some much-needed adrenaline into the floundering Solana, it’s sensible to imagine that its impression will likely be little.