Cheddar News takes a peek at cryptocurrency stock Solana, which suffered from the collapse of FTX along with other challenges.

Examining Solana's Plummeting Stock

one Cryptocurrency that seriously suffered since the collapse of F. T. X. And in 2022 in general is Salon to the Salon. A Blockchain is seen as a competitor to ethereum, but it's coin has plummeted 95% this year. You see there in the graph its peak of $259 that was back in november of 2021 it now trades below 10 bucks. It's dropped from the fifth largest Cryptocurrency to the 19th in that time. These are a few reasons we can look at to understand this decline. Solana's promise of faster, cheaper transactions has been threatened by competitor ethereum with the launch of its layer two, which is essentially an extension of the Blockchain. Another factor is that bank been freed was arguably Solano's most prominent backer and there's suspicion that the support could have been funded using customer funds deposited into F. T. X. There's also the snowball effect of investors worried about a rapidly declining asset