“Ethereum Killer” itself is barely surviving: Solana-Based tokens fall

• Once deemed the “Ethereum Killer,” the Solana ecosystem barely survives. 
• SOL is trading at $9.12, SRM at $0.1498, and SLND at $0.3256.
• Every currency is moving sideways.

Solana was once considered the “Ethereum Killer,” a blockchain that would restructure the crypto industry with faster transactions at lower fees. Solana was among those badly hurt in the ongoing crypto winter and bear market.

SOL

SOL is currency trading at $9.12 with a drop of 3.01% in the last 24 hours; Its volume jumped by 174.88% at $1 billion; while its market cap is down by 2.91% at $3.3 billion, its market rank is at 17, white its dominance is at 0.42%, 

The current rate is 1709.21% high from its all-time low of $0.5052 and 260.06% down from its all-time high. 

Sam Bankman-Fried was an avid supporter and was very vocal about SOL. However, the current rate below $10 fell for the first time in the last two years.  

SRM

According to the latest price prediction, the Solana ecosystem shed its value by 9.2% in the last 24 hours. Among the most affected is Serum (SRM) which is currently trading at $0.1498 with a jump of 7.64% in the last 24 hours. 

SRM’s market cap stands at $39.4 million, with an increase of 7.53%, ranking it at 366, with a market dominance of 0.01%. Its volume saw a jump of 141.02% and is now at $18 million. The current rate was down by 98.91% from its all-time high of $13.72 on September 11, 2021. In comparison, it is up by 36.05% from its all-time low of $0.11, touched on August 11, 2020.

After FTX collapse, Serum forked off to a community-led project known as Openbook, which continues to use SRM tokens for simplicity. Most of its trading volume is over $1.2 million per day. It is taking place on the world’s leading cryptocurrency exchange. 

Raydium is another one of Solana’s biggest Decentralized Finance (DeFi) protocols, which is also considered to be very crucial to the Solana DeFi ecosystem. Sadly the protocol was a victim of a $2 million hack on December 16, 2022. It is still struggling to cope with the after-effects as the total value locked on the platform sunk to $28.16 million. 

SLND

SLND, a token that is the foundation for Solana-based borrowing and lending protocol called Solend, is also down by 4.4% in the last 24 hours. It trades at $0.3256 and is down by 3.21% in the last 24 hours. Its volume dropped to a mere $48,101, dropping 29.18%. 

The market cap also saw a drop of 3.21%, similar to the price and is now at $9 million. Its current rate is down by 98.04% from its all-time high of $16.72 achieved on November 7, 2021, and is up by 13.79% from its all-time low of $0.2874 touched on December 16, 2022.

The cryptocurrency market is moving sideways, with little to no positive or negative movement. This can be considered a sign that at least the market is not going down, and hoping that no black swan event occurs in coming months, coupled with combined efforts from companies, lawmakers and governments worldwide, gives a positive hope of a bull run. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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