Crypto Crash 2022: Top 5 Losers in January

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In this article, we discuss the 5 cryptocurrencies that performed poorly during the crypto crash of 2022. If you want our detailed analysis of the crypto market heading into 2022, go directly to Crypto Crash 2022: Top 10 Losers in January

5. Solana (SOL)

Decline in Price in January 2022: 44.1%

Launched in 2020, Solana is a public open-source blockchain platform that provides reliable and scalable decentralized finance transactions, using both proof-of-stake and proof-of-history mechanisms. The native currency of Solana is SOL. 

The Solana Foundation announced that the maximum supply of SOL tokens will be 489 million, and at the moment about 260 million of these tokens have already entered the market. One of the key elements that boosted SOL’s market credibility and traffic on the platform was the launch of the Degenerate Ape NFT on August 16, 2021. 

Solana is unique because it allows for rapid processing times and charges lower fees as compared to many other platforms in the market. SOL returned over 9000% in 2021, and was one of the top cryptos of 2021. However, despite the buzz around the coin in 2021, its price declined by 44.1% in January 2022, making it one of the top losers for the period. 

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