5 Cryptocurrencies Getting Crushed By The Current Market Crisis

3. Solana (SOL)

Solana (SOL) is the 9th biggest cryptocurrency in the world with a $12.46 billion market cap. It is the native cryptocurrency of the Solana Blockchain Ecosystem, which is a blockchain platform which offers developers high processing speeds and the ability to build decentralized apps and NFTs. The crypto sell-off has resulted in Solana losing 78% in the year to date, standing at $36.28 as of June 23. This is in comparison to its all-time high of $258 in November 2021.

Solana was founded in 2020, and is known for its impressively short processing times, which has made it popular among both individual users and enterprise customers. It also uses a proof-of-history (PoH) consensus developed by one of Solana’s founders Anatoly Yakovenko. This allows the blockchain platform greater scalability, making it easier to use and build various apps.