What was once a darling of the crypto markets has now entered the harshest of biting winters. Solana has plummeted down the rankings, dropping 22% over the past week and falling below $10 for the first time in roughly two years. The SOL token’s damage reverberated throughout the broader Solana ecosystem, with various tokens powering projects built on the network also tanking. Though these projects have big plans for 2023, it would appear the market is still tying the blockchain to one of its most prominent backers: the disgraced founder of FTX Sam Bankman-Fried.
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