Overtaken by Litecoin
What makes it all the more painful for Solana is that the project has been overtaken by Litecoin, one of the oldest projects in the industry. Litecoin started the year at $151.09 and a market cap of $10.47 billion. Litecoin is currently trading at $69.36 and has a market cap of $4.97 billion. This means that this project has also fallen by 69.1 percent in 2022, but is above Solana again.
Solana began its most recent decline following the FTX implosion. Information that emerged during FTX’s bankruptcy proceedings shows that the Solana Foundation had $1 million in assets on the exchange platform.
This is less than 1 percent of the Solana Foundation’s assets, meaning the impact on the organization is minimal. attempted the Solana Foundation to calm things down a bit. The main problem appears to be that FTX owned approximately $982 million worth of Solana during the implosion, a large portion of the project’s total market cap.