Solana's collapse accelerates—$50 billion in worth lost in 2022.
By The Exchange Team
Solana was supposed to challenge ether with its eco-friendliness, speedier transactions, and lower costs.
That bet hurt investors. The token's market cap dropped from $55 billion in January to $3 billion at year-end.
In late 2022, Solana's tight ties to FTX founder Sam Bankman-Fried, who faces eight criminal fraud charges, was a major issue.
The disgraced former crypto mogul promoted Solana and invested over $500 million in its coins.
"Sell me everything you want," Bankman-Fried said to a sceptic in January 2021. "F—- off, then."
As per CoinDesk data, Bankman-Fried's entities possessed roughly $1.2B worth of the token and related assets in June.
Solana lost $8B in investment after FTX collapsed. Solana has fallen further in recent days as the crypto market has been quiet and prices constant.