- Solana, previously yr, has seen over $40 billion worn out of its market cap.
- The alt has rallied by nearly 60% previously few days, however not sufficient to stem its bleeding market cap.
Solana’s [SOL] neighborhood has gone “BONKers” because the 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 could assist begin a rally for SOL. Regardless of the continuing pleasure, how a lot worth has been misplaced since SOL’s downward development started?
Learn Solana’s [SOL] Worth Prediction 2023-24
Solana market cap nose-dives
In response to data obtained by CoinMarketCap, the downward development in pricing had successfully wiped off greater than $47 billion price 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 development grew to become much more pronounced. As a degree of reference, Solana’s market cap was roughly $52 billion at first of 2022, but it surely has since decreased to over $4.5 billion as of this writing.
Within the early levels of its growth, Solana was hailed as a possible rival to Ethereum [ETH], and comparisons have been drawn between the transaction per second (TPS) fee of the 2.
Nevertheless, a more in-depth examination of the market capitalization of each networks revealed how a lot additional aside they’ve turn out to be, notably contemplating the present bear market.
In response to 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 measurement.
Worth rallies, however it’s not sufficient
Utilizing the worth vary device, it was doable to find, on a every 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 luck within the type of a acquire of virtually sixty % 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 serious 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 lifelike to imagine that its influence might be little.