Most tokens have lost 30% to 80% since mid-December last year, and the market value of SOL has shrunk by about $50 billion in a single month.
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Odaily reported that according to data from digital asset management firm Arca, the value of most tokens has declined by 30% to 80% since mid-December last year. Solana's market capitalization has lost about $50 billion in the past month, partly due to the recent Libra MEME coin scandal. Additionally, Solana is facing selling pressure as around $1.72 billion worth of Solana tokens are scheduled to "unlock" (remove trading restrictions) on March 1. Arca's Chief Investment Officer Jeff Dorman stated that the crypto market has been sluggish for eight weeks, while stocks, fixed income, and gold have not been affected by the indicators used to explain the weakness, and only cryptocurrencies have continued to decline. This is largely due to low market sentiment, losses from various MEME coin failures, and a lack of capital support for new token issuances.
SOL
0.83%
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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