The price action that followed the employment report at the edge between July and August made both the stock and cryptocurrency markets appear like something of a house of cards.
In fact, despite the recovery that followed the initial bloodbath, many assets remain depressed compared to their earlier 2024 highs, with prominent altcoins reeling in particular.
Though discussion in the crypto community has been mostly focused on Ethereum (ETH) and, to an even greater extent, Bitcoin (BTC) first following its rise back above $60,000 and then the drop toward $58,000, few major digital assets have had as a weak an August as Solana (SOL).
$10 billion wiped from Solana’s market cap in just 30 days
Indeed, the fifth-largest cryptocurrency by market capitalization – SOL – has shed almost exactly $10 billion in the last 30 days, and as much as $15 billion if its fall from August highs is considered.
SOL 30-day market cap chart. Source: CoinMarketCap
Despite the magnitude of
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