Wading through the wreckage of FTX and Alameda, it is clear that some communities were hit a lot harder than others. Several DeFi protocols sporting close ties with the two entities have suffered. Solana, for one, has been hit the hardest since the collapse.
The once top 10 market cap asset, SOL has slid to the 17th position, and the struggle may continue in 2023 as well.
Solana FUD
Solana (SOL) had an impressive run-up last year and was one of the best-performing tokens of the 2021 bull market. But since the unraveling of Sam Bankman-Fried’s crypto empire, it has lost over 70% of its value.
The disgraced founder of FTX hyped Solana and its ecosystem frequently for years. The bankrupt exchange held $982 million in SOL, according to its balance sheet. Additionally, SOL is the second largest holding of its sister trading firm Alameda Research.
Zooming out, Solana lost over 95% of its value since its all-time high last November. A crash of this magnitude has shaken even the most resilie
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