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Crypto turmoil, Solana plunges to a new low!

Solana is ending the year on a sour note after plunging more than 94% so far in 2022, according to CoinDesk data.

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Coindesk chart on Solana et all

The token, which counted FTX founder Sam Bankman-Fried as a major proponent, has tumbled nearly 19% this week, hitting $9.60 Friday.

Solana’s popularity was driven by claims it is faster and more energy-efficient than the Ethereum and Bitcoin blockchains.

The startup behind the technology attracted $314 million in a funding round led by Andreessen Horowitz, one of Silicon Valley’s most prominent venture-capital firms, last year.

But the network has faced intense criticism over its frequent outages, which hindered its ability to process transactions at times.

The collapse of FTX and its sister trading firm Alameda Research, which held large amounts of solana, didn’t help either.

The value of all digital tokens this year fell to $793 billion from $2.2 trillion at the start of 2022, according to CoinMarketCap data.

Image:Solana coin