The price of Solana has been going down precipitously alongside most assets in the crypto ecosystem as macroeconomic conditions have deteriorated. This prompted a risk-off move in the markets that has affected the valuation of cryptocurrencies as they are considered to be on top of the chain when it comes to price volatility and risk.
That said, the Solana blockchain specifically has also been experiencing issues including multiple long outages that have accelerated a decline in the value of its native token.
On June 1, the latest incident took place as the network was down for more than six hours. Transactions could not be processed during that period and this led to a 12% decline in the value of SOL.
This sharp single-day decline came less than a month after the token experienced a sizable 24% drop on the back of the market-wide instability caused by the collapse of Terra’s flagship stablecoin project UST.
Solana has been deemed as a potential Ethereum killer due to the high...
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