Solana plunged to a low of $28.35 for four months in the early hours of October 13. This was its lowest level since June 13th, when it touched $28.19.
The altcoin was not the only cryptocurrency to suffer, as other cryptocurrencies such as pack leaders Bitcoin or Ethereum also painted red charts, but SOL suffered the most.
However, the crypto was able reduce its losses and moved back to above $30. As of press time, the tracking was from CoingeckoThe asset trades at $31.36
Even with the recovery, Solana remains at 5.9% for the last 7 days. It is now second only to Cardano among top 10 cryptocurrency in terms market capitalization in terms losses.
However, Solana managed to beat Ethereum in the price correction category, which may be surprising for many people who are involved in crypto.
Solana Beats Ethereum At NFT Space
Solana’s non-fungible tokens sales (NFTs) increased by 100% in the past 30 days, surpassing other blockchains like Ethereum.
Solana Daily data shows SOL at 2nd place according to social media sharing.http://nd.Immutable (IMX), in terms of the NFT growth rate over a one-month period, is second.
✨NFT Top Sales Growth in the Last 30 Days#ETH @ethereum -17%#SOL @solana +100% 🚀🚀🚀#FLOW @flow_blockchain +36%#IMX @Immutable +112%#BNB @binance -26% pic.twitter.com/BPpp4aECkz
— Solana Daily (@solana_daily) October 12, 2022
IMX saw a 112% increase in sales. Flow Blockchain saw a 36% rise in sales.
The department’s sales growth was negative for Ethereum, which saw a -17% drop in its overall performance. Binance had a negative growth rate of -26%.
According to Coingecko searches, Solana also made it into the Top 10 Trending Cryptocurrencies.
It is also the only digital currency in the Top 10 Digital Currency Market Cap to be on the Trending List, leaving out bitcoin, ethereum, and ethereum.
Mango Hack to Haunt You
Solana won victories in the other department against its crypto-coins, but its chart was still in red. It was at -10% for weekly gains.
This poor performance could also be due to the hacking of Mango DeFi, a project built on Solana’s blockchain.
As a precaution, disabling deposits will be made on the front-end. We will keep you posted as events unfold.
If you have any information, please contact [email protected] to discuss a bounty for the return of funds. 2/
— Mango (@mangomarkets) October 11, 2022
Hackers were able to gain significant number of loans from the company treasury after exploiting Mango’s collateral. The initial estimate put losses at more than $100 million.
In addition, last week, Solana’s development activity witnessed a decline which casted the impression of lesser efforts from developers to improve the network.
Featured photo from WallpaperAccess. Chart: TradingView.com| Featured image from WallpaperAccess, Chart: TradingView.com