Solana (SOL), the speedy layer-1 blockchain has shed 11.1% and currently trades at $39.72.
The ninth-largest cryptocurrency with a market capitalization of $13.5 billion is now down 84.7% from its all-time high of $260.06 recorded back in November 2021.
SOL’s market capitalization hit an all-time high of $77.99 billion on November 6, 2021.
SOL is plummeting for two primary reasons: it suffered a Blockchain outage yesterday. Also, demand for Solana-based non fungible tokens is crashing.
Yesterday, the blockchain battled through an outage for more than four and a half hours, according to Solana status.
It was the first outage in the past month, with the previous outage occurring on May 1, 2022.
The network faced its worst outage in January 2022, crashing the network every day for seven consecutive days.
Amid the outage, interest in Solana NFTs also plummeted. Per data from Cryptoslam, the overall NFT sales on Solana dropped by 61.30% to $1.72 million.
As for bigger cryptocurrencies, Bitcoin is down 4.87% in the last day and is trading hands at around $29,968. Ethereum is trading at $1,826, a drop of over 5.5% over the past 24 hours.
