Solana’s Market Value Plunges $20 Billion After Outage—Is This Good For Ethereum?

Solana’s Market Value Plunges $20 Billion After Outage—Is This Good For Ethereum?

Share to Linkedin Though it's been one of the year's fastest-appreciating cryptocurrencies, Solana's sol token has given up much of its massive gains this week, plunging more than 35% from last week's record high following a network outage that some experts believe could bolster the case for more-established platforms like Ethereum. Ethereum prices have ticked up about 4% since Solana's outage, but their return of roughly 370% this ... [+] year pales in comparison to sol's gain of nearly 7, 800%. Sol tanked as much as 10% Friday to $135. 25, marking the token's lowest level in nearly two weeks and pushing its market value to about $40. 6 billion, more than $20 billion below its high on September 9. Though the token initially rose during a crypto crash last week, prices started falling over the weekend as the broader market struggled to pare losses, with the selloff quickly intensifying Tuesday morning after a surge in transaction volume and bot activity sparked outages on Solana's network for more than 17 hours. In a statement, Solana said the flood of transactions led to excessive memory consumption that the network's engineers were unable to remedy, so a group of core developers decided