It was decimated because FTX held between 5-11% of all Sol and sold it immediately when they were going down, dropping the price from 36 to 10 dollars.
Eth is down 70%. Sol being down 90% given the above isn’t surprising.
Eth is down 70%. Sol being down 90% given the above isn’t surprising.
They funded several sol projects that are now underwater without their money even DeFi ones with how FTX was controlling serum.
Serum itself was the backbone of numerous sol projects and when it got exposed for being heavily manipulated by FTX, it was obvious sol was gonna get fucked.
The entire solana ecosystem is just nuked now and it isn't hard to see this in on-chain activity and project/dao comm's.
edit: as a dev solana had some nice implementation details and was a step forward over some other chains in some ways. IMO it's totally DOA now, but I hope the dev community (whoever is real and not an alameda-funded "anon" dev etc) continues on in some capacity on a fork or other chain.
However, that ominous stack of cursed Solana will significantly dampen market sentiment even before it's sold, and that's what probably caused the magnitude of the last selloff.
Down 90% is being down 70% then going down 70% from there.